Insurance and Protection
Whilst you cannot predict the future you can certainly prepare for it. Some insurance is required to complete a mortgage offer (e.g. building insurance), while some are there for peace of mind. Our advisers can talk you through the options and what is available on the market.
Financial Protection
Life assurance – An essential if you have dependents who would need financial support if you were to die. There are various types of life assurance to choose from depending on your budget, how much and when you want your lump sum to be paid to your loved ones.
There are 2 categories of life assurance:
- Term Assurance – will pay either a lump sum or an income if you die during the term of the policy.
- Whole Of Life – this is more expensive as it will pay out on death whenever it occurs.
Critical Illness – Most people don’t like to contemplate what would happen if they were diagnosed with a critical illness, however not considering it could cause further heartache.
Paid out through a lump sum, critical illness cover can help alleviate the financial burdens of home modification or private therapeutic care, and manage the day to day bills.
Critical illness cover premiums tend to rise with age and will depend on both yours and your family’s medical history.
Income Protection – No-one can guarantee they will not be the victim of an unfortunate accident or diagnosed with a serious illness; however you can guarantee the bills will keep arriving.
Paid through monthly premiums, an income protection policy is essentially a piece of mind insurance. Often paying around half your income, the regular tax free income can help relieve financial hardship and enable you to maintain your standard of living.
General Insurance
Certain types of insurance are required as standard for a mortgage offer (e.g. building insurance) while others are personal choice to help protect you and your belongings.
General insurance – Products provide protection against unforeseeable circumstances that cause damage to a personal asset. General insurance comes in a variety of forms and is usually taken out depending on circumstance.
Buildings Insurance – Covers the bricks and mortar of your home along with any fixtures and fittings within the property.
Contents Insurance – Protects the possessions within your home.