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Life Insurance

Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die.

Although money can’t replace a loved one, it can help those left behind to weather the financial storm. For example, it could pay off the mortgage or provide an income to help cover regular household expenditure.

There are different types of Life Insurance - the most appropriate type for you will depend on your circumstances.

Life Insurance will pay out either a single lump sum (sum insured) or a regular income when you die.

Critical Illness

Critical Illness Insurance pays out a tax-free lump sum on the diagnosis of certain life-threatening or debilitating (but not fatal) conditions including heart attack, stroke, cancer and major organ transplants.  

This list will vary depending on the insurer, as will the exclusions for making a claim.  

Critical Illness Insurance often comes as an optional addition to a Life Insurance policy, but can also be purchased on its own.  

Policies usually only pay out once, so they don’t replace your regular income, but you can use the money towards medical treatment, your mortgage or anything else you choose.  

Many people buy Critical Illness Insurance when they take on a major commitment, like a mortgage, or start a family. However, since we’d all like to have our financial commitments lightened if we were to suffer a serious illness or total permanent disablement, the cover is relevant for most of us at any time.  

If you already have Critical Illness Insurance you should think carefully before you cancel your existing policy and take out a new one.  

For example, if you’ve developed any illnesses since you first took out the policy, you may lose some of the benefits when you replace it. That’s because pre-existing medical conditions may not be covered by the new policy.

Personal Finance

LONDON (Reuters) - More households in Britain expect a deterioration in their finances than an improvement for the first time in three years, with much of it linked to the Brexit vote in 2016, a survey published by the Bank of England showed.
EDINBURGH (Reuters) - Scotland's government said on Thursday it will raise taxes on higher earners and increase public sector pay, using powers to levy higher income tax rates than the rest of Britain for the first time since it was given its own parliament 20 years ago.