Personal Insurance and Protection
As an Independent Financial Advisor, we search the whole of the market to find the best possible insurance contracts for our clients. At Churchill we primarily advise on three forms of insurance contract and these are Life Assurance Contracts, Critical Illness Cover Policies and Income Protection Policies.
For many people, providing for their loved ones in the event of death is of paramount importance. By paying a monthly premium it is possible to potentially provide those you love with an invaluable sum of money when you pass away.
There are two main forms of Life Insurance and the first of these is whole of life insurance.
> Whole of life insurance
Whole of life insurance is an insurance policy which covers you for the whole of your life and is designed to pay out a lump sum when you die no matter how old you are.
> Term Assurance
The second main form of life assurance is term assurance. Term assurance policies are life insurance policies which only cover you for a specific period and you choose how long you wish this term to be.
A level term life assurance policy is designed to pay out a level amount if you die within a fixed term. These are often used to cover the cost of a fixed liability which exists over a finite period.
A decreasing term life assurance policy works slightly differently. The amount your estate receives if you die decreases during the term to which the life assurance policy applies. Decreasing term life assurance policies are typically used to pay off an outstanding debt or loan in the event of death as the amount you receive can be designed to fall over the term of the contract in line with a covered debt or loan such as a mortgage.
> Critical Illness Policies
Critical illness policies are designed to pay out a lump sum in the event of you being diagnosed with one of a number critical illnesses. The specific illness covered will be policy specific but typically these include some types of cancer, a heart attack or stroke and multiple sclerosis for example. An individual should refer to the policy documents for a definition of the illnesses covered and not covered by a policy. Critical illness policies can be combined with Life Assurance Policies, so a lump sum is paid either when a critical illness is diagnosed or on the event of death.
> Income Protection
Income protection insurance policies are designed to pay a fixed amount for a defined term in the event that you are unable to work due to sickness or accident. The amount paid is typically based on a percentage of your income (50 to 70% are the norm). These policies are used to protect against the loss of earnings which can occur should you fall ill.