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 cover

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.

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The Bank of England kept interest rates steady on Thursday and said most businesses felt as ready as they could be for a no-deal Brexit that would likely hammer economic growth and jobs.
British private-sector employers expect to give staff a basic annual pay rise of 2.5 percent this year, the same as in 2018, though some will delay awards until after government Brexit plans are clearer, an industry survey showed on Thursday.
Britain's main inflation rate ticked up last month but stayed close to January's two-year low, helping consumers maintain their spending power as wage growth also picked up, even though the timing of Brexit remained uncertain.
British employers ramped up their hiring at the fastest pace since 2015 in the three months to January as the labour market defied broader Brexit weakness in the overall economy.
British households were the most downbeat about their finances in over a year this month and the approach of Brexit made them more cautious about making major outlays, a survey published on Monday showed.