Family Protection

Its aims

A Level Term Assurance plan aims to pay a guaranteed lump sum if you die during the term of the plan.

What is a Level Term Assurance?

This plan is designed to provide you with a guaranteed benefit payable on death. The plan can be set up on a single or joint life basis, usually with your spouse or partner. It is also possible to take out the plan on a life of another person, provided an insurable interest exists between you and the other person. You will only have an insurable interest in the life/lives assured if you will suffer financial loss on their death.

The plan can also be suitable for businesses and partnerships that wish to safeguard themselves against a potential financial loss if one of the principals of the business were to die.

Potential Optional Benefits

Terminal Illness Cover

This is often included at no extra cost and would pay out the benefits of the plan if you were diagnosed with a terminal illness during the term of the plan (excluding the last 18 months). Terminal Illness is defined as advanced or rapidly progressing incurable illness where, in the opinion of an attending consultant and the insurance companies chief Medical Officer, the life expectancy is no greater than 12 months. After a claim your plan will cease.

Critical IIlness Cover

This benefit is usually taken as an optional benefit to a Mortgage Protection or Family Protection plan. Critical Illness Cover would provide a lump sum benefit on diagnosis of a Critical Illness covered by the policy. The amount of benefit paid would be the same amount as your basic death benefit. After any claim the plan would cease. Apart from the main Critical Illnesses, for example HEART ATTACK, CANCER, STROKE, cover can also be included that may be pertinent to your sporting activities for example TRAUMATIC HEAD INJURY or TOTAL PERMANENT DISABLEMENT.

Not to be confused with Terminal Illness Cover which is usually a free benefit on a Life Insurance policy that simply pays out the death benefit early if you are diagnosed not to survive longer than 12 months.

“More than 1 in 3 people will develop some form of cancer during their lifetime."
Source: Cancer Research UK website.

Scuba Financial Services offers Life Insurance Cover, Critical Illness Cover and Income Protection Cover for Divers and Snorkellers.

Scuba Financial Services is a trading style of Sports Financial Services Ltd which is an appointed representative of Suttons Independent Financial Advisers Ltd which is authorised and regulated by the Financial Conduct Authority.

Registered in England and Wales. Registered No. 493197.

Registered Office address: Sports Financial Services Ltd, Trinity House, 114 Northenden Road, Sale, Greater Manchester, M33 3HD

The advice and/or guidance contained within this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.


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