Top 3 life insurance products you didn’t know about

When you think of life insurance, what image immediately pops into your head? If it’s marriage, children and having your life put together - then you’re probably with the latter of people when it comes to what they think of life insurance.

But these days, there is so much more to life insurance than you may think - especially with so many types of cover available. There is a policy for everyone, no matter what stage of life you’re at.

In this blog, you’ll learn about 3 of our top life insurance products. Plus, you can find out how these types of cover can actually benefit you and your family too.

Income protection

Income protection - it’s pretty much what it says on the tin!

Income protection is a type of life insurance policy which can be used specifically to cover your income if you were to become ill or injured and unable to work as normal.

This type of cover could be a lifesaver if times were to get tough, particularly if you don’t have much in the way of savings or if you’re self employed. These monthly bursts of cash can come in handy, helping you and your loved ones get by during a tough time.

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How does this cover work?

The way income protection works is by paying out a selected percentage of your income each month with most of the UK’s leading insurers allowing you to cover up to 60% of your monthly earnings. The regular payments from an income protection policy could help pay for:

• Your mortgage/rent payments
• Childcare costs
• Your monthly bills
• Food shopping
• Putting petrol in the tank

Your income protection policy will begin paying out monthly payments after your deferred period is over - this is the period of time between your first day off work and your payments starting.

Critical illness cover

This type of cover is fast becoming one of the most popular types of life insurance you can get, with Legal and General paying out just over £209 million in critical illness claims in 2021 alone.

A critical illness policy can provide you and your loved ones with peace of mind, knowing that if you were to be diagnosed with a critical illness, then your loved ones would still be looked after. This policy would pay out a lump sum upon diagnosis, meaning that you could still use the pay-out whilst you are alive and could help with several costs, such as:

• Modifications to your home as a result of your diagnosis
• Travel costs
• Paying for private/specialist carers
• Childcare costs

What can critical illness cover help with?

The function of a critical illness policy is to pay-out a lump sum if you were to be diagnosed with a critical illness as defined within your policy conditions. Along with all of the above costs that the pay-out from this policy could help with, the money could also be used as a nest egg for your loved ones.

If you are making a claim on your critical illness policy, the likelihood is that you and your loved ones will be going through a tough time. The lump sum from this policy should help alleviate some of the stress and worry that will be prevalent during this time in your life.

Mortgage protection

For most of us, a mortgage is the biggest debt we will encounter in our lives. Have you considered who would be left with the burden of paying the remaining balance on your mortgage? Well, this is where a mortgage protection policy comes in.

Our protection specialists can advise the right type of policy, depending on which type of mortgage you have. Plus, if you’re sharing your mortgage with your other half then you can get a joint policy so the policy will protect your partner.

What can this cover do?

Your mortgage protection policy will pay out a lump sum equating to the remaining balance of your mortgage, if the worst were to happen.

Having this protection in place would result in your loved ones having peace of mind knowing that this huge debt wouldn’t be an obstacle for your loved ones in the event of you passing away!

At Caspian, we can help you navigate the world of life insurance, no matter which policy you need. Start your free quote below and get one step closer to crossing life insurance off your to-do list!