Protection does not need to cost the earth. And lots of people are finding that even a relatively small amount of cover helps their families cope when disaster strikes.
We will be able to assess your individual situation and advise on the right type of protection products to suit the circumstances of you and your family.
We will also discuss the benefits of placing policies in trust.
There are many types of cover available on the market today and we have listed these below.
CIC is similar to Life Assurance but it pays out on diagnosis of certain illnesses as opposed to only paying out on death.
Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. But be aware that not all conditions are covered and policy will also state how serious the condition must be.
Many providers modern day Critical Illness policies offer many Illnesses covered within the plan, some examples of critical illnesses that might be covered include:
Certain Types and Stages of Cancer
Conditions Such As Multiple Sclerosis
Most policies will also consider permanent disabilities as a result of injury or illness. It only pays out once and then the policy ends. Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.
Life Assurance gives you the comfort of knowing that your loved ones will be provided for should you die. There are many different ways to arrange life cover and we can help you find the most appropriate plan available.
When linked to a mortgage, Life Assurance ensures that in the event of a death, your mortgage will be repaid. This means that your dependents will be left with a mortgage-free roof over their heads.
There are two common types of Life Assurance linked to mortgage, Level Term and Decreasing Term.
Level Term Assurance provides a set level of cover for the term you choose. Decreasing Term Assurance covers you for the term you choose, but the level of cover decreases through the term of this policy, usually to coincide with the reducing debt on your mortgage.
This offers borrowers the security of knowing that their essential repayments will be made if they are off work due to an accident or sickness.
For example, if you are in an accident and are unable to work for a while, a lack of comprehensive income protection cover means you will rely solely on state benefits, which are unlikely to be sufficient to meet your mortgage repayments, let alone any other essential spending.
Income protection can help as it provides a tax-free monthly payment until you are able to return back to work or for a set period of time depending on the type of policy you have.
Buildings insurance will cover your home from such events as fire, flood and subsidence with contents cover for your personal possessions.
Mortgage lenders will insist that suitable Buildings cover be in place from exchange of contracts when buying a property with a mortgage.
Your mortgage offer will have a conditional in it that you should have suitable Buildings cover that is acceptable to the lender’s requirements during the term of your mortgage.
Mortgage payment’s are often someone’s biggest financial commitment, so protecting them against being unable to work due to illness or accident can make good financial sense.
Commonly known as Accident, Sickness and Unemployment cover (ASU), this can give you peace of mind knowing that, in the event of a redundancy or illness, you can maintain your mortgage payments and your home will be safe.
Most standard mortgages do not have any protection insurance included, so it’s important to decide what kind of separate cover you need.
Usually payments are made up for up to a maximum of 12 months, but if you would like to be covered for longer than this you may want to consider taking out income protection.
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