Protection policies are there to 'protect' you and your families financial security from circumstances that are mostly beyond your control
There are many forms of life assurance which can protect you and your family in the event of a family death. Choosing the right policy for you can depend upon a number of factors including cost, tax and the protection required.Life assurance can protect your Mortgage, loans and credit card debts or purely for family protection purposes. Also, ask us about the benefits of writing your policy in trust.
This benefit is paid on the diagnosis of a life shortening illness i.e. stroke, heart attack and some forms of cancer. The majority of insurers refer to the Association of British Insurers standards for illnesses that qualify as being 'life shortening' and it is imperative that you understand the terms of each illness.
The growing trend is also for insurers to have severity-based benefits. For example, there may be a lower payout for an easily treatable cancer or heart attack. With severity based benefits, a lot more conditions are usually covered and the lowest payout may be a small proportion of the maximum payout. With severity based benefits the policy usually continues after there has been a payout.
Private Medical Insurance
Private Medical Insurance (PMI) is designed to cover treatment of acute medical conditions and the diagnosis of a new chronic condition. Existing chronic conditions are not normally covered and it is important to know the difference between acute and chronic.
Acute conditions usually come on quickly and do not last for long and are cured or resolved by treatment.
Chronic conditions are long term or permanent and cannot be cured and may sometimes leave you with a disability.
It's not just people with mortgages who need protection, there are a choice of Income Protection policies designed to provide clients with a replacement income whether they have a mortgage or not.
This type of protection pays a percentage of your income if you are not able to work for a period of time. The amount of cover needed should be based on the estimated level of expenditure of the individual or family while the insured person is incapacitated less any other income that may be received during that time, i.e. the earnings of partner or spouse, rental income, investment income, state benefits etc.
Accident, Sickness & Redundancy
Mortgage Payment Protection insurance is a way of protecting your mortgage and ultimately your home should you be unable to work due to an accident, sickness or unemployment.
It is designed to protect people from falling behind with their monthly mortgage payments by enabling them to pay their mortgage and other essential household costs should they become unable to work. By insuring your monthly mortgage payments you can be confident that one of your major financial commitments is protected.
To discuss your requirements, or if you would like an appraisal of your existing arrangements, please call us on 01633 246246 or use our contact form