Life, critical illness & income protection
Purchasing your home is probably the biggest financial commitment you will ever make. As with every important asset it’s essential to make sure you have the right protection in place to safeguard it for your family to give you peace of mind if the worst was to happen.
The impact on a family of losing their home should a main breadwinner die, become critically ill or lose their job, would be devastating at what would already be a stressful time.
There are three main types of protection policies that you may need to consider when you have a mortgage.
A life insurance policy allows you to leave money behind for your partner and family when you die.
You can either opt for a lump sum or it can be paid in regular monthly instalments, and it can be used to provide financial peace during a time of uncertainty. For example the money could pay off your mortgage, replace a lost income or help with family planning.
Get the right cover for your needs
There are four main types of life insurance:
Level cover offers a fixed cash sum.
The cash sum paid out reduces over time in line with a debt, loan or repayment mortgage.
The cash sum paid out increases each year to offset the effects of inflation, As your cover increases, so do your monthly payments.
Family Income Benefit
A regular monthly payment for your family.
A critical illness policy pays out a lump sum in the event of you, or any children you have, being diagnosed with a serious illness or injury. It provides cover for up to 100 illnesses including;
- Kidney/liver failure
- Heart attack
The funds can either be used to repay debts such as a mortgage, replace lost income or cover the cost of any private treatment as desired. You’ll never have to pay the money back, even if you make a full recovery.
Critical illness plans can be tailored to any budget and you can choose the amount of cover you need.
An income protection policy provides a regular tax-free monthly income if you were unable to work through illness or injury, meaning you can concentrate on making a full recovery instead of worrying about how to pay the bills.
You can choose how much cover you would like and set payments to start after your company sick pay ends and you would continue to receive the monthly payments until you can return to work. If you can never return to work it will continue to pay out until the policy ends. You can choose the term of the policy.
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