What types of policies are available?

Life Assurance

Life Assurance is an insurance policy which pays out a lump sum should you die prematurely. This can then be used by your partner to pay off the mortgage.

• Level Term – This is a policy which pays out a fixed amount of money in the event of your death.
• Decreasing Term – This is a policy which reduces in value in line with your mortgage so as your mortgage decreases, so does the amount of life cover.
• Family Income Benefit - This type of policy can pay your family a fixed income for a set period upon your death to help replace your lost income. 

Critical illness cover – the best decision I ever made!

Alex has been our go-to mortgage and financial advisor for well over a decade so when I started to think about how to ensure my family were financially secure should something happen to me, I knew I’d get unbiased tailored advice to met our needs by speaking to him.

We’d been married a while when we started a family, we both worked and lived a little beyond our means. My income provided for most of our expenses whilst my wife’s income allowed for the luxuries.

Our liabilities were well covered by death in service, pension, and life insurance should the worst happen but after losing my father too young I started to consider how life would change drastically should my health change.

I wanted to know my family would be safe should my earning capacity change, then it did! The sudden diagnosis of a congenital heart condition and a stroke meant I could no longer  work at the level I was.

Fortunately, having followed Alex’s advice and taken out a CIC policy for a fixed sum that would cover at least 75% of our mortgage total we were able to manage our finances through what was a very difficult period. The sum allowed us to reduce our outgoings to a point where my wife’s income covered the outgoings so I could concentrate on my recovery knowing my family would have nothing to worry about.

I know most people think about a terminal outcome but thinking about what happens if my earning capacity no longer met our needs was the best thing I ever did!

Alex arranged the policy and when needed help us navigate the claim application and bureaucracy right up until the full sum assured was received.

Alex is still my go-to advisor so it’s no surprise I highly recommend him, but I also encourage everyone to consider covering changes in circumstances should income no longer balance the outgoings. Going through a critical illness is difficult enough but knowing you are covered and that someone will ensure things are followed through brought us huge comfort.

It really was the best decision we ever made.

Gary Donovan