TYPES OF COVER

Protect Your Family With Life Cover

Protection
Purple Mortgages / Protection
  • Life Insurance
  • Income Protection
  • Critical Illness
  • Family Income Benefit

Life insurance, also known as life cover or life assurance is a way to help protect your loved ones financially if you were to die during the length of your policy.

You choose the amount of cover you need and how long you need it for and you can pay your premiums monthly or annually. In return, your family has the reassurance of knowing that if you died while covered by the policy they could receive a cash sum pay out if a valid claim is made.

They could use this to help with household bills, child-care costs or covering mortgage payments.

Why do I need life insurance?

Dependents: If you have a partner, children or someone who relies on you for help or income, then you should consider life insurance. If you earn an income which helps with household bills, either as a sole breadwinner or as part of a couple, then without that money the family might struggle to pay bills like the mortgage or rent.

If you only work part-time, or are a home-maker, your family may find it hard to cover the cost of finding someone to look after the children or another family member if you were no longer around. So, anyone who has dependents should consider taking out life insurance.

Debts or mortgage: It could also be important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a cash if you die during the policy term and this could be used to help pay off these debts or it could help your family with everyday living expenses or child care costs. It could help cover funeral expenses too.

Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance policy designed to help you if you can't work because you're ill or injured.

It ensures you continue to receive a regular income until you retire or are able to return to work.

  • It replaces part of your income - if you can't work because you become ill or disabled.
  • It pays out until you can start working again - or until you retire, die or the end of the policy term - whichever is sooner.
  • There's often a waiting period before the payments start - you generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly premiums.
  • It covers most illnesses that leave you unable to work - either in the short or long term (depending on the type of policy and its definition of incapacity).
  • You can claim as many times as you need to - while the policy lasts.

Do you need it?

According to the ABI, one million workers a year find themselves unable to work due to a serious illness or injury.

It doesn't matter whether or not you have children or other dependants – if illness would mean you couldn't pay the bills, you should consider income protection insurance.

You're most likely to need it if you're self-employed or employed and you don't have sick pay to fall back on.

Check what your employer will provide for you if you're off sick.

Critical illness cover could pay out a cash sum if you get one of the specified critical illnesses we cover during the length of your policy, such as heart attack, cancer or stroke.

*The critical illnesses covered include heart attack, cancer and stroke. However, some types of cancer are not included and to make a claim for some illnesses, you need to have permanent symptoms.

Do I need Critical Illness Cover?

If your family rely on you financially it's worth considering critical illness insurance to help protect against the impact a critical illness could have on you and your family. The pay-out could help to cover things such as child care costs and household bills.

Or you may want to use the pay-out to help make adjustments to your home or lifestyle if needed, or to pay for specialist medical treatment - or even to take that trip of a lifetime to help you recover.

This type of family life insurance is one of a set of policy types known as term life insurance. A FIB policy runs for a set time known as the term. If you die within this period, it pays out a regular tax-free income until the term ends.

How it works

The regular payout from a FIB policy lasts only as long as the policy runs. Once the term ends, cover and any payments cease. So, if you take out a 20-year policy and die five years into it, your family will receive regular income for the remaining 15 years. If you were to die 16 years into the policy, it will pay out for the remaining four years.

This is different from other term life insurance policies, which give a lump sum if you die within the term.

Why you might want it

Household bills will always need to be paid. A sudden loss of income can make it tough to manage these and other expenses and this is where FIB can help to provide extra support. If you have a young family, you might want cover to run until your children are grown up, using the income for everyday expenses or specific items such as school or university fees.

  • Life insurance, also known as life cover or life assurance is a way to help protect your loved ones financially if you were to die during the length of your policy.

    You choose the amount of cover you need and how long you need it for and you can pay your premiums monthly or annually. In return, your family has the reassurance of knowing that if you died while covered by the policy they could receive a cash sum pay out if a valid claim is made.

    They could use this to help with household bills, child-care costs or covering mortgage payments.

    Why do I need life insurance?

    Dependents: If you have a partner, children or someone who relies on you for help or income, then you should consider life insurance. If you earn an income which helps with household bills, either as a sole breadwinner or as part of a couple, then without that money the family might struggle to pay bills like the mortgage or rent.

    If you only work part-time, or are a home-maker, your family may find it hard to cover the cost of finding someone to look after the children or another family member if you were no longer around. So, anyone who has dependents should consider taking out life insurance.

    Debts or mortgage: It could also be important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a cash if you die during the policy term and this could be used to help pay off these debts or it could help your family with everyday living expenses or child care costs. It could help cover funeral expenses too.

  • Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance policy designed to help you if you can't work because you're ill or injured.

    It ensures you continue to receive a regular income until you retire or are able to return to work.

    • It replaces part of your income - if you can't work because you become ill or disabled.
    • It pays out until you can start working again - or until you retire, die or the end of the policy term - whichever is sooner.
    • There's often a waiting period before the payments start - you generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly premiums.
    • It covers most illnesses that leave you unable to work - either in the short or long term (depending on the type of policy and its definition of incapacity).
    • You can claim as many times as you need to - while the policy lasts.

    Do you need it?

    According to the ABI, one million workers a year find themselves unable to work due to a serious illness or injury.

    It doesn't matter whether or not you have children or other dependants – if illness would mean you couldn't pay the bills, you should consider income protection insurance.

    You're most likely to need it if you're self-employed or employed and you don't have sick pay to fall back on.

    Check what your employer will provide for you if you're off sick.

  • Critical illness cover could pay out a cash sum if you get one of the specified critical illnesses we cover during the length of your policy, such as heart attack, cancer or stroke.

    *The critical illnesses covered include heart attack, cancer and stroke. However, some types of cancer are not included and to make a claim for some illnesses, you need to have permanent symptoms.

    Do I need Critical Illness Cover?

    If your family rely on you financially it's worth considering critical illness insurance to help protect against the impact a critical illness could have on you and your family. The pay-out could help to cover things such as child care costs and household bills.

    Or you may want to use the pay-out to help make adjustments to your home or lifestyle if needed, or to pay for specialist medical treatment - or even to take that trip of a lifetime to help you recover.

    Figure 1: The number of cancer registrations by the 24 major sites, England, 2016

    Critical Illness Chart

    Source: National Cancer Registration and Analysis Service within Public Health England; Office for National Statistics

  • This type of family life insurance is one of a set of policy types known as term life insurance. A FIB policy runs for a set time known as the term. If you die within this period, it pays out a regular tax-free income until the term ends.

    How it works

    The regular payout from a FIB policy lasts only as long as the policy runs. Once the term ends, cover and any payments cease. So, if you take out a 20-year policy and die five years into it, your family will receive regular income for the remaining 15 years. If you were to die 16 years into the policy, it will pay out for the remaining four years.

    This is different from other term life insurance policies, which give a lump sum if you die within the term.

    Why you might want it

    Household bills will always need to be paid. A sudden loss of income can make it tough to manage these and other expenses and this is where FIB can help to provide extra support. If you have a young family, you might want cover to run until your children are grown up, using the income for everyday expenses or specific items such as school or university fees.

Don't take our word for it...

Read what people have to say about our services.

I got to know Anita by showing interest in a property in Solihull heights where the company referred me to Anita. As I had never been to view a property before or looked into mortgages I was totally unaware on the next steps, fees and process of mortgages. I felt Anita held my hand throughout in the best possible way. Explained it in a way I would understand. I was so anxious about the whole process as I was a first time buyer but Anita made me feel so much better by answering all my questions via text even on evenings and weekends (which I felt bad for). I'm so glad I've met Anita. I wouldn't of wanted to go through this process without her! I would highly recommend her to anyone interested in mortgages. Also my sister is looking to use Anita for a re-mortgage in the near future. I cannot thank you enough for going above and beyond to get my mortgage!

— S Timms

I was keen to have some life insurance and didn't know where to start, Anita at Purple Mortgages was so helpful. She explained my options and sent me a very clear breakdown so I could think about what I wanted to do. When I decided which route to take, the turn-around was super quick and I had my policy all sorted. I felt very well informed throughout the whole process, it was very quick and easy. Now I can relax knowing it's all taken care of.

— K Hale

I was impressed with the service my partner received and continues to receive (as the completion date for the development keeps getting pushed back). I have to say the process was made very easy by Anita, there was issues with both HSBC and my Conveyancer, however Anita pushed this as much as she could. In these days of lacklustre customer service, Anita was a refreshing change. Platinum service!

— G Thomas

I went to Purple Mortgages for some advice on both mortgages and life insurance and was very impressed. Anita was so helpful and explained everything fully to me in a way even I could understand. Would highly recommend!

— A Stephens

Got my mortgage sorted in no time! Browse no further if you are looking for high quality professional services. Highly recommended.

— V Saikowski