Life Protection & Critical Illness Insurance Explained

There are several ways in which you can protect yourself and your family in the event of an untimely death. 

Most people take out life assurance to provide for their families and alleviate any financial worries at a difficult time. 

Level Term Assurance

Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract, so at the end of the term there is no maturity value and life cover ends. The benefit is paid tax-free. Premiums are usually monthly and fixed throughout the term. As the term and benefit are known from the outset, Level Term Assurance can be a cost-effective method of protection.

Decreasing Term Assurance

Decreasing Term Assurance works in a similar way to Level Term Assurance, but the benefit is set at the outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage, or other loans where the amount of capital outstanding also decreases over time. As the benefit reduces over time, the premiums are usually lower than for Level Term Assurance.

Family Income Benefit

Family Income Benefit is a Term Assurance policy which pays a regular monthly/annual tax-free income in the event of death, instead of a lump sum, to your dependants up until the end of the term of the policy.

Critical Illness Insurance

Critical Illness Insurance is usually available as an addition to all term assurance plans but can be bought on a standalone basis. Critical illness provides a lump sum benefit / income in the event of diagnosis of certain critical illnesses, such as heart attack, stroke, transplant, blindness, total and permanent disability. The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.

Why use Miles Rhodes

You’re protected

An important thing to understand is that when you receive mortgage advice, Miles Rhodes has a duty of care to you. We will recommend a suitable mortgage and be able to justify why the particular mortgage we have chosen is right for you.

In contrast, if you go directly to a high street mortgage lender, don’t take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse.

All our mortgage advisers are qualified

There’s an awful lot to think about when choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!

Mortgage advisers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender’s call centre.

We are on your side

Miles Rhodes will look for the best mortgage for you. We aren’t on the lender’s side, we are on yours, and we give you access to far more products than if you went direct.

You will get unbiased advice and will be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

We know the industry

Mortgage criteria has tightened massively over the last few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development.

It’s been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.

Our Reviews

Angela Cook

4 months ago

Once again, kevin has done a fantastic job of sorting my life and critical illness cover. He understands his products and only includes what the customer needs to get the best value. I’d recommend him to anyone looking for a mortgage or life cover.

Phil Williams

2 months ago

The advisor who assisted me, craig towle, was brilliant throughout, what for me, was a potentially stressful experience , but which was actually a very simple and straightforward process, thanks to craig’s expertise and patience. Craig assisted me with every step, found me the least expensive read more

Owen May

5 months ago

We’ve used kevin at miles rhodes for several mortgage changes now and wouldn’t go anywhere else. He consistently secures the best deals and makes the whole process simple and stress-free. Always responsive, proactive, and completely on top of the detail — you know you’re read more

Christy Lee

2 days ago

I have always had a really positive experience dealing with nicky holbrook at miles rhodes. Nicky is professional, knowledgeable, and provides an outstanding level of service throughout. Everything is always handled efficiently and in a straightforward way, making the whole process easy and stress-free. I have read more

Stuart Boddy

7 months ago

I had an excellent experience working with craig towle as my mortgage advisor. He made the entire process simple and stress-free by clearly explaining my options and guiding me through each step. Craig was always professional, approachable, and quick to respond to any questions i had. read more

Tracey Stafford