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Mortgage Protection Policy is a decreasing term assurance,
designed to decrease in value in line with the outstanding loan
of a repayment mortgage.
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Redundancy Protection is designed to continue the mortgage
repayment for a fixed period in the event of unemployment and the
consequent cessation of income. Usually available from the lender,
and generally to employed borrowers only, at commencement of a new
loan. Payments will stop before the end of the agreed term if the
policy holder finds another job.
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Sickness and Accident Protection will provide capital sums
in the event of certain injuries, and may also pay out in the event
of total and permanent disablement. This latter is generally an
income benefit paid for up to two years.
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Income Protection Insurance provides a better long term
benefit in the event of long term illness, paying out a regular
income until retirement age or prior recovery or death.
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Critical Illness Insurance offers a way of paying off outstanding
debts whilst still alive, albeit for a limited number of diagnosable
illnesses.
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More can be found concerning these policies in the Protection
Section