Types of insurance

Hudsons - types of insurance

Term Assurance

Decreasing Term Assurance Plans provide life cover which decreases roughly in line with the reduction of the outstanding mortgage. This means that whilst you might expect the mortgage to be re-paid in the event of your death, in some circumstances the lump sum may not be enough to repay the mortgage in full. However, this type of plan means you do not have to pay for more protection than you actually require.

Level Term Assurance Plans are simple, low cost arrangements that can give you the peace of mind of knowing that it provides life cover for the agreed lump sum during the agreed term.

Critical Illness Cover

Many people think of taking out protection for their mortgages in case they die, but how would you cope if you suffered a critical illness or disability?

Critical Illness Cover is designed to provide a lump sum on death or diagnosis of any critical condition as defined under the terms of the policy. This means that money will be available at a time when a critical condition might seriously affect your financial position.

Income Protection

Have you considered how you would continue to pay off your mortgage and other household bills if you were unable to work due to accident or sickness?

Income Protection Benefit provides a monthly benefit should you be unable to work due to incapacity caused by accident or illness, resulting in loss of earnings. This means that you can have financial stability until you recover and return to work, no longer suffer a loss of earnings, die or the policy ends.

The level of weekly benefit proposed for Income Protection policy is based on your current earned income. The amount that might actually be paid in the event of a claim will be affected by two things - first, the amount of any increase in income and second, your entitlement to the Incapacity Benefit paid by the State.

Building and Contents Protection

This insurance of the property against major damage such as fire and other risks will normally be a condition of the mortgage lender. In addition to the bricks and mortar, you may also wish to insure your contents.

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