The subject nobody likes to talk about. Let’s face it, the subject of insurance is never going to set the world alight – you don’t take out a policy expecting to make a claim, you take it to ensure that if the worst thing should ever happen to you, you’re protected. It’s the difference between choosing to sell your home in order to make necessary adjustments or being forced to because there’s no income coming in and you can’t afford the mortgage and bills. Protection is as important (if not more important) than the mortgage because if you can’t afford to protect the mortgage, you can’t afford the mortgage it’s that simple.
Protection is having the peace of mind knowing that whatever life throws at you, you can focus on what’s important and not worrying about how to pay the bills. I offer a range of policies and look at them all in conjunction with your budget and priorities. If you can afford the fully protected mortgage that’s great, if not, we look at what cover you can get for your budget and make a recommendation based on what’s most important to you.
Policies I offer include:
Life Insurance – this provides a lump sum designed to clear the mortgage balance if you die during the mortgage term. Once underwritten, premiums are guaranteed not to increase all the while the cover is in place.
Critical Illness – this provides a lump sum designed to clear the mortgage balance if you are diagnosed with a defined Critical Illness during the mortgage term. The most common claims are for Cancer, Stroke and Heart Attack but we are now seeing an increase in claims for things like Multiple Sclerosis and Crohns Disease. There’s a list of 30+ conditions of varying severity and our providers have their own definition of the illness, often better than the Association of British Insurers recommend.
Income Protection – this provides a monthly income, equivalent to around 55-60% of your gross salary, if you are off sick due to accident or illness for longer than your employer pays you. The longer you can wait for a policy to pay out, the lower the premiums but if you need cover to kick in as soon as possible because you don’t get sick pay or are self-employed then there are options for you. Have a look at your company’s sick pay policy – you might be surprised at how much or little you are paid in the event of accident or illness. How would you pay the mortgage and bills if your income suddenly disappeared? That’s where income protection comes into its own.
Then there is the family protection side of things from Family Income Benefit (a monthly income for your family if you die during the policy term, available with or without Critical Illness) to a Whole of Life plan that covers you for the whole of your life. If there’s a protection policy you want, chances are I can do it or refer you to someone who can.