‘Life assurance’ and ‘life insurance’ is essentially the same type of insurance product.
The key to choosing the right one is making sure that you can afford it. There is no point in taking a policy that covers everything if you cannot afford to keep paying the premiums.
Cover is important, but so is affordability. Taking out a policy that you cannot afford to pay can lead to future problems. You may have to cancel a policy having wasted the premiums leaving you unprotected and out of pocket.
So, not sure which type cover is for you? Take a look at the options on offer:
Mortgage protection life assurance
- You select the amount of cover you want and the term you would like the policy to run for.
- The amount of cover goes down each month during the policy term and is calculated to be enough to pay the capital outstanding under a normal repayment mortgage.
- Death during the policy term will result in the insurer paying the calculated amount of cover at that time.
- Setting up a joint policy (one policy to cover two people) will result in cover being paid out on the first death.
- The policy stops when a claim has been paid. These policies have no cash in value at any time.
Level term life assurance
- You select the amount of cover you want and the term you would like the policy to run for.
- Death during the policy term will result in the insurer paying the amount you are covered for.
- Setting up a joint policy (one policy to cover two people) will result in cover being paid out on the first death.
- The policy terminates when a claim has been paid on death. These insurances have no cash value at any time.
Mortgage protection life & critical illness cover
- You select the amount of cover you want and the term you would like the policy to run for.
- The amount of cover goes down each month during the policy term and is calculated to be enough to pay the capital outstanding under a normal repayment mortgage.
- Death or diagnosis with an earlier critical illness during the policy term your insurer will pay the calculated amount of cover at that time.
- The types of illnesses covered are, Stroke, Cancer, Heart Attack and Multiple sclerosis for example. The insurer will publish a full list of medical conditions for reference.
- Setting up a joint policy (one policy to cover two people) will result in cover being paid out on the first death.
- The policy terminates when a claim has been paid on death. These insurances have no cash value at any time.
Level term life assurance with critical illness cover
- You select the amount of cover you want and the tem you would like the policy to run for.
- Death or diagnosis with an earlier critical illness during the policy term your insurer will pay the calculated amount of cover at that time.
- The types of illnesses covered are, Stroke, Cancer, Heart Attack and Multiple sclerosis for example. The insurer will publish a full list of medical conditions for reference.
- Setting up a joint policy (one policy to cover two people) will result in cover being paid out on the first death. · The policy terminates when a claim has been paid on death. These insurances have no cash value at any time.
Obligo Insurance is under construction and coming soon!
