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Family is important; that’s why it’s best to get expert advice to help protect what matters, when it matters!
Thinking about the consequences should anything happen to the main breadwinner isn’t something any of us want to contemplate. However it is important when arranging your mortgage to take the time to protect you and your family should the unthinkable happen.
Put simply protection products are policies that are arranged to provide you and your family with either a lump sum or a regular income should you become seriously ill, lose your job, or in the event of your death.
For more information on which protection policy best suits your needs call our expert team today.
Life insurance policies pay out if you die or have a terminal Illness within a specified period.
Life insurance policies pay out if you die or have a terminal Illness within a specified period. If you have financial dependents or liabilities, for example a mortgage, then it is important that you consider taking out a life insurance policy to protect the financial security of your loved ones in the event of your death.
There are different types of Life Assurance available to you, and we can advise you on which would be the best type of cover for you and how much cover would be suitable for you and over what term.
Here is a brief description of the main types of life cover:
- Level Term Assurance: The amount that you are insured for is guaranteed and remains unchanged throughout the term of the policy. It is often used to cover interest only mortgages and loans or for family protection. The payout is a tax free lump sum upon a successful claim.
- Increasing Term Assurance: This is very similar to Level Term Assurance, however the sum assured increases each year with the Retail Price Index (or at a fixed percentage if required) to negate the effects of inflation. The payout is a tax free lump sum upon a successful claim.
- Decreasing Term Assurance: Sometimes known as Mortgage Protection, this type of cover decreases throughout the term of the policy and is essentially only used to protect a Capital & Repayment Mortgage. The payout is a tax free lump sum upon a successful claim.
Critical Illness Cover
A lump sum payment if you become critically ill.
No one likes to think about suffering from a Critical Illness, but one thing is for sure, if you were to become critically ill, the last thing you will want to worry about is your finances.
Critical Illness typically pays out a lump sum if you survive a specified critical illness, such as some forms of Cancer, a Stroke, Multiple-Sclerosis, Heart Attack, Kidney Failure, Blindness, Deafness and many more. You can use the payout to pay off your mortgage, medical expenses or even go on holiday – it’s entirely up to you!
In addition, your children are usually covered under the policy Free of Charge.
You can choose as much or as little cover as you need, and we will help tailor a quote to fit within your budget. Cover can be relatively cheap, and this includes life insurance, so it can be great value for money.
To ensure we find you the most competitive & comprehensive policy, we source quotes based on an analysis of a number of insurers.
Please call now to speak to an adviser who will be able to help guide you through the most suitable critical illness cover options available to you.
A monthly benefit if you are unable to work.
An Income Protection Policy is one of the most important insurances that you can consider, as without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills? Could you survive on State Benefit alone?
An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an ASU policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period until you either recover or reach your selected retirement age. Unlike an ASU policy, Income Protection policies typically do not protect you against redundancy.
The maximum cover you can have is typically between 50-60% of your gross income, however, as the benefit is paid tax free, you can replace a high percentage of your income in the event of long term incapacity.
Family Income Benefit
Protecting your family against the death of a breadwinner.
Family Income Benefit is often known as FIB. It is a form of Term Insurance cover, in that it pays an amount on the death of the insured person. However, it is designed to pay an income, rather than a lump sum.
This type of policy never acquires a surrender or cash-in value, and is not a savings policy. It is there to protect the family from the financial effects of a tragic early death of a breadwinner.
Contact us and we’ll arrange an overview of your protection needs to ensure you are fully protected.
Buildings and Contents Insurance
Buildings Insurance is the most basic of cover and is designed to cover you against physical damage to your property. It is generally a condition of your mortgage contract and is required by most mortgage lenders to comply with the terms and conditions of the loan, however, it is usually acceptable for you to shop around and use the Building Insurance provider of your choice.
For buildings and contents insurance, we offer products based on a fair and personal analysis, to obtain highly competitive quotes which you can compare. We will also explain any special conditions and point out what is and what is not covered so you can make an informed decision as to which policy will suit your needs.
Contents Insurance offers cover against fire, theft, acts of god and accidental damage to your personal belongings, as different companies offer different inclusions and exclusions – you should always check your policy.
There are two main types of Contents Insurance. The first is a new for old insurance, this policy will replace your TV with another one of similar brand, quality etc. The other type of Contents Insurance is known as Indemnity insurance. This insurance provides cover for what the object is currently worth. Whichever policy you choose, it is important that the sum that you insure is an adequate and realistic amount in case you do need to make a claim.
Property Insurance just for landlords.
As a landlord you aim to generate an income and obtain capital appreciation through your property investments. It therefore makes all the sense in the world that you should try and protect your investments against unexpected incidents and events.
What would happen if one of your properties suffer flooding damage and become uninhabitable for 2 months whilst builders carried out repair works? How would you fund repair works and cover loss of income? Furthermore, if a tenant fails to pay you rent on time how will your borrowings or a mortgage be settled? Worst still, what if a resident suffers serious bodily injury due to an unsafe staircase? As a landlord you have a legal responsibility to provide a safe living environment. Failure to do so could leave you facing a financially crippling public liability claim.
Buying landlords insurance is the best way to protect your property portfolio and provide you with peace of mind. By having a policy in place you know that if things go wrong, you will be protected against the financial consequences.
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