Carmarthen-based, UK-wide service
Carmarthen-based, UK-wide service
Safeguarding yourself involves anticipating the unforeseen. Our expertise can guide you in establishing the right protective measures.
This type of cover can pay out a (tax-free) lump sum on the diagnosis of certain life-threatening or debilitating illnesses, or if you must undergo certain types of surgery.
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 do not necessarily replace your regular income, but you can use the money towards medical treatment, your mortgage or anything else you choose.
Many individuals purchase Critical Illness Insurance when they undertake significant commitments, such as a mortgage or starting a family. However, since we all desire financial relief in the event of a serious illness or injury, this coverage remains relevant for most of us at any time. If you currently have Critical Illness Insurance, exercise caution before cancelling your existing policy and opting for a new one.
For example, if you have developed any illnesses since you first took out the policy, you may lose some of the benefits when you replace it. That is because pre-existing medical conditions may not be covered by the new policy.
Income Protection Insurance pays you a regular tax-free monthly income if you become unable to work due to illness or injury.
Income Protection Insurance pays out a regular tax-free replacement income it you become unable to work because of illness, injury or, with certain policies, unemployment.
It could help you keep up with your mortgage repayments and other living costs until you can return to work.
Policies have a waiting period before they pay out. which begins when you become unable to work. The longer the period chosen, the lower your premium. It is a good idea to find out what your employer would pay you, and what state benefits might be available so you can choose an appropriate waiting period.
The premium you will pay will vary depending on your age, health, and job, as well as the level of income you wish to protect. If you become ill or suffer an injury during your working life, an Income Protection policy can help protect against any loss of income and speed up your return to work.
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.
Types of Life Insurance
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.
Term assurance is a life insurance policy that provides coverage for a specified period, paying a benefit only if the insured person dies during the term.
Family Income Benefit is a type of term life insurance designed for parents and families, providing regular monthly tax-free payments to your family if you die or become terminally ill during the policy term.
Whole life insurance is a permanent policy with a death benefit that covers the insured for life, as opposed to term life insurance, which only covers the insured for a set number of years.
Payment Protection Insurance and Short-Term Income Protection Insurance can provide a monthly income to help cover your regular outgoings if you can’t work due to an accident, illness injury or, often as an optional extra, unemployment.
The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
There are important differences between these products, and long-term Income Protection Insurance. They include a limit on how long the replacement income will be paid for – usually between 12 and 24 months. By contrast, Income Protection Insurance will pay out for as long as you are unable to work (up to the policy expiry or ceases on death.
Unemployment cover is often an optional extra on these policies or can be purchased as standalone cover
Far from being a luxury. Protection insurance should be considered essential, especially if you have a family or people that rely on your income.
Critical illness insurance pays out a tax-tree 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 necessarily 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 injury, 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.
West Wales Money
Unit 4 St Catherine’s Walk
Carmarthen
SA31 1GA
West Wales Money Ltd is registered with the Data Protection Act 1998 registration No ZA579253 and is authorised and regulated by the Financial Conduct Authority under Firm Reference No:1005183 an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference No: 786245 and registered with the Data Protection Act 1998 registration No: ZA178200.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.