HLW Financial Services Ltd offers professional and friendly mortgage and protection advice. Whether you are a first time buyer, home mover or looking to review your existing mortgage I can help you find the right mortgage and to ensure that you and your family are financially protected.

Types of cover

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Is Life Cover known under different names?

Because Life Assurance is such a varied and flexible product, it can come under a number of different names. Each generally describes the covers aims however some are simply interchangable with Life Assurance:

Life Insurance

A general term used to mean the same as Life Assurance. The difference is that in the insurance world they insure against something which might happen but they assure against some they know definitely will happen at some stage, i.e., death.

Mortgage Life Assurance / Mortgage Life Insurance

Mortgage Life Assurance is used to protect your mortgage against the risk of you dying and leaving it behind for your family to continue paying.

Mortgage Life Assurance is only suitable for mortgages which are Capital and Repayment because the level of cover is designed to reduce as your mortgage reduces over the years.


The reduction ensures that there is always enough in the 'pot' to pay off the mortgage if the worst happens but there will be very little surplus remaining.

Decreasing Life Assurance / Decreasing Life Insurance

Decreasing Life Assurance is a term used to mean the same as Mortgage Life Assurance. The 'decreasing' refers to the reduction in cover over the years.

Term Life Assurance / Term Life Insurance

Term Life Assurance is the opposite of Mortgage Life Assurance in that the amount of cover remains the same throughout the term of the policy and does not reduce. This type of Life Assurance is suitable for those people with Interest Only mortgages, those wishing to cover funeral expenses and people wanting to leave a sum of money behind to ensure their families standard of living.

Level Life Assurance / Level Life Insurance

Level Life Assurance or Level Term Life Assurance is another term which is used to refer to Term Life Assurance.
 
Increasing Life Assurance / Increasing Life Insurance

Increasing Life Assurance is an extra option offered by most insurance companies which allows you to protect your Term Life Assurance policy from the effects of inflation. Each year you will be offered the opportunity to increase your amount of cover inline with the retail price index without any further need for medical information.


This allows your policy to retain its real value over the years so your family receive a payout of equivalent value in years to come.

Index Linked Life Assurance / Index Linked Life Insurance

Another term used to refer to the increasing life assurance option offered on term life assurance policies.

Critical Illness Cover

Critical illness cover is an important financial safety net. It's designed to to pay out a fixed cash amount if you're diagnosed with one of the critical illnesses covered in the individual insurer's policy.

Critical Illness Cover is designed to pay out in most circumstances including cancer, heart attack and stroke. However because of advances in medicine, not every type of cancer will have a severe impact on your lifestyle if discovered and treated early enough, for example, a cancer needs to have spread or reached a specified severity to be covered.

 

Income protection

Income protection insurance pays you a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

The amount of income you are allowed to claim will not replace the exact amount of money you were earning before you had to stop work. You can expect to receive about a half to two-thirds of your earnings before tax from your normal job. This is because some money will be taken off for the state benefits you can claim, and also the income you get from the policy is tax free.

 

Family Income Protection Plan

Family Income Protection plans are designed to pay a monthly amount to your family in the event your death or critical illness. You select a monthly sum assured and a term for the cover.