Family Protection

The sudden death or illness of an individual can leave a family with challenging financial circumstances. Insurance can be used to provide liquidity and to allow the deceased’s family to meet day to day expenditure such as mortgage payments, school fees and general living expenses.

We’d all like to be able to help our loved ones after we’re gone. It’s not the easiest of conversations, but a little time spent discussing how to pass on your wealth with a professional adviser today could protect your inheritance and offer security for your family tomorrow.

Having life cover which protects yourself and your loved ones helps put your mind at ease knowing that you are protected if the worst was to happen. It’s important to find a financial safety-net that’s a perfect fit for your life and commitments.

There are events we can all face that have the potential to wreck lives and families. It’s a difficult issue to think about, but imagine the impact on you and your family should the main earner in your household die or become seriously ill. It may not happen to you – we hope it doesn’t – but it might.

Take a typical non-smoking couple aged 40 for example; before they reach 65 they each run the following risks:

7% chance of dying
22% chance of becoming seriously ill
54% chance of being unable to work for at least two months
61% chance of one of these events happening

While there is no insurance that can prevent these things from happening, you can protect yourself and your family financially by making money available, should something unexpected happen.

This money can be the difference between keeping and losing your home, and maintaining your family’s lifestyle.

Understanding your unique needs

Before beginning to advise and recommend possible solutions, we need to understand your personal circumstances. We will do this by asking you questions about things such as your income and outgoings, your health, your savings, and any protection you already have. We call this a fact-find. It’s possible you already have enough protection, or enough savings to see you and your family through any financial disruption. In which case we will confirm this with you.

But, if you don’t, we will look at what protection you have taken out personally, any protection your employer gives you, and any state benefits to which you may be entitled. We’ll also help you consider how long you could pay essential bills if you are unable to work. By doing this we’ll discover any potential gaps in your protection needs.

Once we’ve established your needs we’ll then research the most suitable products, before designing a bespoke solution that’s tailored specifically for you. We understand that you don’t want to spend money unnecessarily, most competitive cover for your budget.

We take pride in offering a personal service that’s tailored specifically to your individual circumstances. As you’ve seen, threats to financial security exist for all of us but the protection needs of you and your family are unique. That’s where we can help.

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Mortgage protection

Life insurance provides liquidity to repay debts on the death or illness of the borrower. This cover can be required by lending institutions and can be written on either a single life or joint life first death basis.

You will most probably be familiar with how you protect your property, using buildings and home contents insurance. But are you as familiar with protecting your greatest asset – YOU? A mortgage is likely to be the greatest financial commitment most people make. Your home (or buy-to- let investment) relies on your income to repay the loan.

Events that could stop you earning enough to repay your mortgage:

Short-term or long-term illness
Short-term or long-term illness
Redundancy
An accident
A serious illness – such as cancer, stroke or heart attack
Death (yours or a partner)
Any of the above happening to a tenant in your buy-to-let

How long will your current provisions last? You may have plans in place already but are they sufficient and how long will they last? The first step we take is to check what you have already and how that contributes to the solution. Should you need to build on your existing plans we will always consider your overall objectives and budget. So, is protection only about the mortgage? The first aim of protection is to help you keep your home (or property). The second aim is to maintain your, and your family’s, standard of living should something terrible happen.

We want to help you get the right cover for your needs within your budget
After we have assessed your needs, we will advise and make recommendations for you
Our Terms of Business will confirm the marketplace we will visit on your behalf

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Critical illness cover

Critical illness protection helps protect you if you become critically ill. Taking the protection can be a useful fall-back. Policies cover specific conditions, usually including cancers, strokes and heart attacks. Unlike most income protection policies, you are paid a single lump sum that could allow you to pay off the mortgage, for example, or to adapt your home if you become disabled.

Whether or not you maintain an active and healthy lifestyle, no one can predict their future health.

Critical illnesses such as strokes, heart attacks and cancer can necessitate long recovery periods, and permanent disability resulting from injury can affect almost every area of someone’s life. They may also prevent sufferers from doing the same job they once did. If the need to replace your income due to critical illness or serious injury should arise, government benefits may not provide sufficient relief.

Some employers provide critical illness and injury cover schemes, but it is unwise to assume that all conditions and eventualities are covered, always read the small print, and consider taking out a policy which covers any gaps in your employer’s scheme.

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Income Protection

Income protection can provide peace of mind. It pays out a tax-free monthly sum – typically 50% to 70% of your usual earnings. While you’re unable to work because of illness or injury. You can keep claiming as long as you need to, within the length of the policy.

Protect Your Income with Income Protection Insurance; Unexpected life events like illness, injury, or unemployment can put your income at risk. Income protection insurance provides a safety net by replacing part of your income if you’re unable to work due to accident, sickness, or involuntary unemployment. Income protection insurance is an important consideration for individuals and families in the UK who rely on their income to cover living expenses. Having an income protection policy in place can provide peace of mind and financial security when you need it most.

Here are some key reasons to consider income protection insurance:

Replaces part of your income – Income protection policies typically replace 50-70% of your income if you’re unable to work due to illness, injury, or unemployment. This income replacement can help you continue meeting your financial obligations even if you’re out of work.
Covers a range of situations – Income protection provides coverage for accidents, short and long-term illnesses, and involuntary unemployment. This broad coverage provides protection across many potential situations that could impact your ability to earn an income.
Customisable benefit periods – You can choose benefit periods that align with your needs, such as short-term policies with benefit periods of 1 or 2 years, or long-term policies that pay benefits until retirement age. This flexibility allows you to tailor coverage to your specific circumstances
Tax-free benefits – Any income protection benefits you receive are paid tax-free, maximising the financial help available to you.
Access to rehabilitation services – Many income protection policies provide access to rehabilitation services aimed at helping you return to work as soon as possible after an illness or injury

Providing income replacement during your working years, income protection insurance delivers valuable peace of mind. Contact us now to discuss obtaining a personalised quote to learn more about income protection and how it can help secure your finances against life’s uncertainties.

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