Term Assurance / Mortgage Term Assurance Family Income Benefit / Income Protection / Critical Illness Cover Private Medical Insurance   Term Assurance Pays out to your dependents if you die or pays off your mortgage if you die. The most inexpensive type of life cover offering complete peace of mind. You choose whether to arrange the policy in single or joint names. You choose the length of your policy in years, then pay fixed premiums by monthly direct debit. No income tax or capital gains tax is charged on benefit paid out under your plan, but anyone except your husband or wife may have to pay inheritance tax. These policies come in a variety of guises each arranged to meet your particular preferences. Level Term Assurance This is the simplest form of term assurance. The life office will pay the sum assured if the life assured dies before the expiry date of the policy (the Term) The policy has no surrender value at any time If the policy goes unpaid the cover will lapse mainly used to provide protection for the loss of the families breadwinner. Need advice ? Click here to ask the expert!   >> back to top   Mortgage Term Assurance (Decreasing Term Assurance) The amount of cover reduces each year or month by a set amount The very cheapest type of cover Used to protect loans such as mortgages where the amount owed goes down regularly with repayments. Need advice ? Click here to ask the expert!   >> back to top   Family Income Benefit These policies pay out a set lump sum each year over a chosen period They are generally used to replace the salary of a bread winner It is quite common for these a policy to be enacted to pay the breadwinners salary until the youngest child leaves university etc. Need advice ? Click here to ask the expert!   >> back to top   Income Protection (Permanent Health Insurance) Did you know you could insure your pay in case your off work due to injury or illness? And the insurer will keep paying you until you either reach your normal retirement date, die or return to work whichever happens first. Even if you go back to work at reduced pay due to your illness they will keep paying you a proportion to keep you at your usual standard of living. The cover is very cost effective when compared to payment protection policies on things such as your mortgage loans and credit cards etc, however you are not covered for unemployment as you can be on payment protection policies. However if you don't think Unemployment is a possibility or you work for yourself then these policies could be ideal for you. Unlike payment protection policies however the cost is determined on your own personal circumstance, this can be very much to your benefit if you are in good health. There are a few factors that will affect your eligibility and premium when applying for this sort of insurance, such as: - Health The insurer will ask you some basic questions about your medical history on the application form, a good adviser will help you find the insurer likely to look most favourably on any conditions you have. If you have had any health issues in the past the insurer may choose to write to your doctor for further details. If they feel the condition is a serious risk they may choose to increase your premium a little to compensate for the higher risk of a pay out, or not cover you if that condition is the cause of your time off work, this is generally referred to as an exclusion. They can often be removed however after a safety period if it has been a recent illness. Being a smoker will be treat as if it were an illness and therefore smokers will always pay more than non-smokers. Deferred Periods The deferred period is the time you have to wait before your claim becomes valid. This is used to keep the premiums as low as possible this is usually set so that your cover kicks in as soon as your sick pay from work runs out. The period of deferment can normally be set to kick in from one day to 52 weeks. So their is an option for everyone. Occupational Loading The cost of your cover will vary depending on how likely you are to be off work sick within a particular profession e.g. a scaffold worker is more at risk than a call centre telephonist. And cover would therefore cost the scaffold worker more. Some insurers will even refuse cover to certain occupations if they feel their work is too dangerous. This is an area in which the skill of an adviser can be very useful, as they will be able to find a company that will accept you if your deemed high risk by some insurers. Gender Loading Some Insurers charge more depending on your gender, when they determine you are more or less prone to illness at a certain age when your opposite gender is not at the same age. Age loading This is the number one determinant of the cost of your cover. Over Insurance Be careful not to over insure yourself you can't make more money on the sick than you can at work it's the law the revenue will take any extra a professional consultant will make sure this doesn't happen to you Need advice ? Click here to ask the expert!   >> back to top   Critical Illness Cover This type of policy pays out a lump sum if you are diagnosed with a life-threatening condition, such as cancer or heart attack. Each provider has different list of illnesses covered. It is worthwhile looking to include critical illness insurance with the policy. The facts speak for themselves: You are THREE times more likely to suffer a critical illness than to die before you retire. In 1997, 1 in 5 of all people who consulted their GP were diagnosed as having a long term illness. 700 people every day in the UK will suffer a heart attack - More than 50% of them will survive. There are over 300,000 new cases of male coronary heart disease in a typical year. More than 1 in 3 people will contract cancer at some time in their lives - At least half of them will survive more than 5 years. Each year in the UK, 100,000 people have a stroke for the first time - Nearly 70% survive for at least 12 months. A Stroke is the largest single cause of severe disability with over 300,000 people being affected at any one time. Source: British Heart Foundation website, June 2001, Cancer Research Campaign website, May 2001, The Facts of Life & Health Insurance, Nov. 1999, The Stroke Association 1999/GE Frankona Re, 2001, Cover Magazine, Oct 1997, Money Marketing Focus Supplement -summer 2001, The Stroke Association 1999/GE Frankona Re, 2001, The Facts of Life & Health Insurance Nov 1999, Regional Trends 32, 1997, British Heart Foundation website. Morbidity and Mortality statistics (2002). 11023N.07.200. Need advice ? Click here to ask the expert!   >> back to top   Private Medical Insurance Why have medical insurance? No one doubts the dedication of the National Health Service (NHS) and, on selected conditions and emergencies, it provides an admirable service. However, chances are that if you or your family need surgery or need to see a consultant, you may face a long and anxious wait on the NHS. Private medical insurance (PMI) is, if you like, a way of jumping long queues at a distressing time by going to private a hospital. PMI also helps to reduce the stress and anxiety of long waiting lists and provides the reassurance that, in general, you will receive prompt treatment at a time that best suits you and, depending on the level of cover you choose, at a hospital that suits you. Need advice ? Click here to ask the expert!   >> back to top phone: 020 7229 9722 email: info@moneytomove.co.uk       Moneytomove is a trading name of Moneytomove Ltd which is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Services Authority. FSA Reg No. 305008. Registered office: Flat, 119 Portobello Rd, Notting Hill, London W11 2DY. Registered in England, Number: 5425034 Key Facts about our Mortgage Service