Life Insurance - family in car with dog

Life Insurance & Critical Illness Cover

We can assist with a range of financial services, ensuring you plan for you and your family’s future

Life Insurance

At Stepping Stones we can assist with a range of financial services, ensuring you plan for you and your family’s future. If you are taking out a mortgage and need life assurance or critical illness cover, we can arrange this for you.

Life insurance is taken out to guarantee protection against financial loss if you or your partner dies. It is often taken out to cover the balance of a repayment mortgage, and can also be taken out to provide financial support in the event of death.

The two types of cover are:

  • Decreasing Term – this covers the balance of the repayment mortgage. It will run concurrently with the term of the mortgage and will decrease in line with the outstanding balance as you make your monthly payments to ensure you have enough to pay off the balance in the event of you or your partner’s death.
  • Level Term – this is a fixed sum. It runs concurrently for the length of your repayment mortgage, but as it’s fixed, the amount stays the same for the term of the policy. This is often beneficial if you have dependents and you want to repay your mortgage and ensure your family is looked after financially in the event of you or your partner’s death.

Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.

Critical Illness

Critical illness cover pays a tax-free lump sum if you are diagnosed with a defined critical illness during the policy term. Provided you keep paying your premiums, you should be covered throughout the term. Once the policy term ends, all protection stops.

When you take out a policy you can decide how long it will last e.g. until your children have grown up, or until the mortgage is paid off. Critical illness cover is often available as a combined policy with term life insurance. In these instances, you can often only claim once.

If you would like any further information regarding life insurance or critical illness, please contact us for details. Our advisors can answer any questions you may have.