Life Insurance and Income Protection for Peace of Mind.
WHAT WE DO
Protection & Insurance
Financial products are sometimes at their most useful when they are protecting our families, our incomes, or our property.
Whilst insuring ourselves against an undesirable event such as sickness or even death may not be a pleasant thing to think about, the benefit of being able to set financial issues aside at emotionally difficult times cannot be overlooked.
There are various ways in which a family can protect itself, and because of the large range of products available there is usually an appropriate policy for most circumstances, and most budgets.
We can help with many ways to protect your family and your standard of living when you need it most. Click on the different protection options on the main menu to learn more about these.
WHAT WE DO
Protection & Insurance
Financial products are sometimes at their most useful when they are protecting our families, our incomes, or our property.
Whilst insuring ourselves against an undesirable event such as sickness or even death may not be a pleasant thing to think about, the benefit of being able to set financial issues aside at emotionally difficult times cannot be overlooked.
There are various ways in which a family can protect itself, and because of the large range of products available there is usually an appropriate policy for most circumstances, and most budgets.
We can help with many ways to protect your family and your standard of living when you need it most. Click on the different protection options on the main menu to learn more about these.
LIFE INSURANCE
Life insurance pays out either a lump sum or regular payments on your death, giving your dependants financial support after you’ve gone.
The amount of money paid out depends on the level of cover you buy.
You decide how it’s paid out and whether it will cover specific payments – such as mortgage or rent – or if it’s to leave your family with an inheritance.
These run for a fixed period of time, known as the ‘term’ of your policy, such as five, ten or 25 years. They only pay out if you die during the policy.
There are three kinds of term life policies.
- Level – pays as a lump sum if you die within the agreed term. The level of cover stays the same throughout. This is the most simple and affordable option.
- Decreasing – the level of cover reduces each year. It’s designed to be used with repayment mortgages, where the outstanding loan decreases over time.
- Increasing – the level of cover rises over the term of the policy, to keep up with inflation.
These pay out no matter when you die, if you keep up with your premium payments.
They’re often used to help towards a funeral or for Inheritance Tax planning.
However, they’re typically more expensive than shorter-term policies. There’s also a possibility that if you live longer than you expected, you could end up paying more in than you’ll get out.
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These are insurance policies that guarantee to pay out when you die. But they’re not always good value, as you could end up paying in much more than you get out.
The Financial Conduct Authority (FCA) has also warned that some over 50s plan promotions are misleading people into thinking they were buying a policy that would cover funeral costs in full. Contact us for more information.
INCOME PROTECTION
Income protection insurance pays you a regular income if you can’t work because of sickness or disability and continues until you return to paid work or you retire.
Income protection insurance is also known as permanent health insurance. The amount of income you are allowed to claim will not replace the exact amount of money you were earning before you had to stop work. You can expect to receive about a half to two-thirds of your earnings before tax from your normal job. This is because some money will be taken off for the state benefits you can claim, and also the income you get from the policy is tax free.
You can claim income protection payments straightaway, but it may be pricier in price if you fall ill or become disabled. However, for a cheaper premium You usually have to wait a minimum of four weeks, but payments can start up to two years after you stop work. This is because you may not need the money straightaway as you may get sick pay from your employer, or you may be able to claim statutory sick pay for up to 28 weeks after you stop work.
CRITICAL ILLNESS COVER
Critical illness cover supports you financially if you’re diagnosed with one of the conditions included in the policy. The tax-free, one-off payment helps pay for your treatment, mortgage, rent or changes to your home, such as wheelchair access, should you need it. Find out how it works, when you need it and what you need to think about when buying it by speaking to one of our advisers!
INCOME PROTECTION
Income protection insurance pays you a regular income if you can’t work because of sickness or disability and continues until you return to paid work or you retire.
Income protection insurance is also known as permanent health insurance. The amount of income you are allowed to claim will not replace the exact amount of money you were earning before you had to stop work. You can expect to receive about a half to two-thirds of your earnings before tax from your normal job. This is because some money will be taken off for the state benefits you can claim, and also the income you get from the policy is tax free.
You can claim income protection payments straightaway, but it may be pricier in price if you fall ill or become disabled. However, for a cheaper premium You usually have to wait a minimum of four weeks, but payments can start up to two years after you stop work. This is because you may not need the money straightaway as you may get sick pay from your employer, or you may be able to claim statutory sick pay for up to 28 weeks after you stop work.
CRITICAL ILLNESS COVER
Critical illness cover supports you financially if you’re diagnosed with one of the conditions included in the policy. The tax-free, one-off payment helps pay for your treatment, mortgage, rent or changes to your home, such as wheelchair access, should you need it. Find out how it works, when you need it and what you need to think about when buying it by speaking to one of our advisers!
"You don't buy life insurance because you are going to die, but because those you love are going to live."
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