Life Insurance & Protection Cover
At Mortgage & Finance Brokers (MFB), we understand that protecting your loved ones and your financial commitments is essential. We offer a full range of life insurance and income protection policies to suit your needs.
Our expert advisers will help you choose the right cover for your situation, whether you’re looking to protect your mortgage, family, or income.
Types of Life Insurance
Whole of Life Insurance
Provides lifelong cover with a guaranteed payout to your beneficiaries upon death. Unlike term insurance, this policy does not expire and ensures your loved ones receive a lump sum whenever the inevitable happens.
Level Term Life Insurance
Offers a fixed lump sum payout if you pass away during the policy term. The cover amount remains constant throughout the term, providing peace of mind and financial stability for your family.
Decreasing Term Life Insurance
Designed to cover debts like a mortgage, this policy reduces over time in line with the balance of your loan. It’s typically more affordable and ideal for those seeking to protect a repayment mortgage.
Critical Illness Cover
Critical Illness Insurance pays a tax-free lump sum if you’re diagnosed with a specified serious illness. These typically include:
- Cancer
- Heart attack
- Stroke
- Multiple sclerosis
- Kidney failure
- Major organ transplant
- Parkinson’s disease
- Alzheimer’s disease
- Terminal illness
- And many more, depending on the insurer
Some policies also cover certain surgeries or pay out a regular income. A survival period (usually 14 days) after diagnosis may apply before a claim is paid.
All definitions follow guidelines such as the ABI Statement of Best Practice to ensure clarity and consistency.
Income Protection & Short-Term Cover
Permanent Health Insurance (PHI)
This long-term cover pays a regular monthly income if you’re unable to work due to illness, injury, or disability. Payments continue until you recover or the policy ends (often at retirement age).
Accident, Sickness and Unemployment (ASU) Insurance
ASU provides short-term protection if you’re unable to work due to accident, illness, or involuntary redundancy. It helps cover essential bills and mortgage repayments during difficult times.