Life Assurance & Critical Illness Cover
Whether you require a policy to protect a mortgage or your family you will find it here. Heritage Financial Services are providing special terms to drive down the cost of life assurance and critical illness.
Fast quotations are available from leading insurers Bright Grey, BUPA, Friends Provident, Legal & General, Liverpool Victoria, NDF Administration, Norwich Union, Prudential, Scottish Equitable, Scottish Mutual, Scottish Provident, Scottish Widows, Standard Life and Skandia Life.
You can create your own quotations and download any application forms and key feature documents. Send the application form back to us for processing. If you require assistance, please feel free to contact us on 01983 527111.
Increasing Benefit Option
Select this option if you want the policy benefit to increase each year and help offset the effects of inflation over the policy term. The premium will also increase each year after the annual indexing has taken place.
Guaranteed or Reviewable Premiums
Please be careful when selecting the appropriate type of plan to meet your needs. Great care should also be given to whether you opt for a policy that has guaranteed or reviewable premiums.
Guaranteed premiums, put simply, are guaranteed not to increase throughout the policy term. Reviewable premiums are likely to increase. Reviewable premiums will normally start lower than guaranteed premiums, but could end up greater than their guaranteed counterparts.
Glossary of Terms
Waiver of Premium
An optional additional benefit to keep the policy in force should the policy owner be unable to work due to illness or accident. A claim can be made to the Life Office when the deferred period, which is usually 6 months, has elapsed and the policy owner is still not back to work. If a claim is successful the payments can be stopped and the Life Office will keep the policy in force until the policy owner returns to work or the policy expires, whichever is the sooner.
Mortgage Protection
Used to protect repayment mortgages and are designed so that the level of cover reduces each year and should be sufficient to repay the mortgage at any time. The policy term should be the same as the mortgage.
The same as Level Term Assurance but the policy owner has the option to reinsure the original life assured when the policy expires without the need for any evidence of health. The Life Office has to offer a replacement policy regardless of health. The options for the replacement policy can be another Level Term Assurance, Endowment or Whole of Life Plan. The level of life assurance/critical illness for the conversion option cannot be more than the original policy.
Family Income Benefit Used to protect the income of the life assured. The level of annual payment made by the Life office is selected from outset. There will be no lump sum paid on death, but there will be the annual payments paid to the policy owner until the policy expires.
Used to protect interest only mortgages or provide a lump sum as security for the family. The level of protection remains constant throughout the policy term.
