Planning for the future to protect you and your family
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Helping you buy the house or holiday
home you really want.
Life cover, Critical illness cover & Income protection policies
Nobody likes to think of the worst or what could happen if things went wrong. But what would happen if you were unable to work, due to long term illness or disability?
How would you pay your mortgage or meet your other monthly commitments? How would your partner meet the monthly mortgage payments, in the event of your death or the diagnosis of you becoming critically ill?
These are things you really should be mindful of and failure to meet monthly mortgage repayments could result in mortgage lenders repossessing your home.
Life Insurance Cover
Planning for the future to protect you and your family.
Life Insurance cover pays out a lump sum if you were to die or if you are diagnosed with a critical illness. A further policy can be added, which will pay out a monthly benefit should you be unable to work through accident or sickness.
Many people, at all stages of life can benefit from the peace of mind a Life/Critical Illness policy can bring. Your adviser will help you work out how much cover you need with your policy. It’s vitally important that you’ve considered your financial obligations and how you may deal with them if you or your partner were unable to work.
In the event of your death, it may not just be a mortgage you want to have paid, you may want to leave your loved ones enough money to cover income you would have earned or pay for University fees etc. Life insurance cover has a few extra features which can be beneficial for you.
It’s never nice to think about things going wrong in life, but the sad truth is that they do. It’s our duty to make sure you are in the best financial position possible, should the worst happen and it’s not something we take lightly.
It’s important you take advice when arranging a policy of this type so you can be assured you will have the level and type of cover which best suits your needs.
Providing a monthly benefit if you are unable to work.
An Income Protection Policy is one of the most important insurances that you can consider. You need to think, 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 and your mortgage? Could you survive on State Benefit alone?
Income Protection Cover 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 income protection 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.
Unfortunately, the risk of long-term incapacity is much greater that you might think. Did you know that the number of working claimants of Employment & Support Allowance and Incapacity Benefits totals over 2.6 million in November 2008” (DWP Work & Pensions Longitudinal Study 2009)? Some of the most common conditions covered by income protection insurance are mental illnesses such as anxiety, stress or depression & back pain.
We strongly recommend you’ve thought about income protection cover and how it might help you and your family, should you be unable to work. It’s not nice to think about the worst happening, but it is possible to be in a strong financial position to protect against it.
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.
With critical illness and life insurance, you can choose as much or as little cover as you need, and a qualified adviser 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 you are offered the most competitive & comprehensive policy, your adviser will source quotes from a range of leading insurance companies. This means we’ll ensure you get the best possible solution for you, so you can get peace of mind against whatever the future may hold.
Insurance isn’t something that any of us necessarily like, but it’s really important that you’ve considered how you’d cope financially should the worst happen. We’ll always make sure that you’ve at least considered the options available to you, so we encourage all our customers to think about their critical illness and life insurance options.
Family Income Benefit
Protecting your family against the death of a breadwinner
Family Income Benefit Insurance 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 helps your family financially and takes away one of the worries from a terrible situation.
We hope that family income benefit insurance is never needed, but it’s certainly better to be prepared than to leave your family struggling financially.
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.
We’ll assess your needs on a case-by-case basis, and we’ll never sell you something you don’t need or want, but it is our duty to make sure you’re in the best financial position, so we make no apologies for encouraging you to think about your situation.
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