Wednesday, November 16, 2016

Update 17th November : Life Protection – the Basics

What types of life protection are most commonly offered?
There are four main types of protection to give you and your family a lump sum or a regular income in the event of an illness, accident or death:
·         Life Assurance
·         Mortgage Protection
·         Income Protection
·         Specified Illness cover
You can choose and combine these plans according to your needs
What is Life Assurance?
Life assurance gives your family a cash payment if you die during the term of your plan. Your family can use this money however they choose. There are different types of life assurance:
·         Whole of life cover lasts until you die or for as long as you decide to make your monthly payments. Your payments can be increased throughout the life of your plan to make sure you get the lump sum you want.
·         Term life cover is a policy you pay for over a specified period. You can also use it to provide life cover during the term of your mortgage.
·         Mortgage protection is a lump sum paid on your death, or that of your spouse, to help your loved ones pay off the outstanding balance on your mortgage.  Mortgage lenders usually require you to have mortgage protection in place for the length of your mortgage. We offer mortgage protection plans that cover just you, or that include both you and your partner/spouse.

What is Income Protection?
Income protection provides you with a replacement income if an accident or illness affects your ability to work and earn a living, for a period longer than 4 weeks.
You get regular payments that begin after you have been on sick leave for a certain period of time. This is called a deferred period and you choose whether you want to set it to 4, 13, 26 or 52 weeks when you are setting up your policy.

What is Specified Illness Cover?
Specified illness cover is a health insurance plan. It provides you with a cash payment if you are diagnosed with any of a specific list of illnesses, including Alzheimers, cancer, cardiac arrest, multiple sclerosis or stroke.
You can take out specified illness cover alone, or combine it with life assurance to increase your protection

What is Accelerated Specified Illness Cover?
Accelerated Specified Illness cover is life assurance and specified illness cover in a single policy.
If you make a specified illness claim under this type of policy, the amount of money paid out on your death will be reduced by the amount you have already claimed.

If you would like further information please contact Michael on 086 8440541 or email .

Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland.

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