We believe that protecting you and your family against life’s unknown should be at the top of the pecking order. Have you asked yourself what would happen to you or your family if you were unable to work due to an illness or if you unexpectedly died and left your family with a large amount of debt? Would you want your family to sell your home or property empire because you did not cover all your mortgages and other related debts?
These risks can be mitigated by having the right kind of insurance in place and we are happy to have a no obligation discussion with you to ascertain your needs and requirements. Protecting you and your family is of paramount importance to us and we take great satisfaction when our clients are adequately covered.
A suitable life insurance plan will provide an agreed tax free lump sum payment if you died which could be used to payoff your debts or to provide your family with the level of income every year so they do not have to alter their lifestyle in your absence. Sometimes people give more importance to mobile phone insurance than to their own lives and yet the mobile phone only costs a few hundred pounds.
There are two kinds of insurances available - Term Assurance and Whole of Life. Term assurance provides cover over a finite period whereas whole of life provides cover throughout one’s life. No life policy has any investment value attached to it and they are purely protection policies aimed at giving a lump sum upon death.
Critical Illness Cover
No one wants to think they will be struck down with a critical illness at a young age. But it can affect anyone, at any age at anytime.
Critical illness cover provides a tax-free lump sum payment when the policyholder is diagnosed with one of several pre-defined critical illness conditions including, stroke, cancer, heart attack and multiple sclerosis. Upon a successful claim, you can choose to pay off your mortgage or seek the best medical treatment in the world or even travel the world! The whole idea behind this cover is to allow you to recover from a critical illness without having to worry about expenses as you will have received the lump sum amount to take care of day to day bills.
There are also policies available that offer cover based on severity. Unlike traditional critical illness cover that pays out the full sum assured for very serious life-threatening illness, severity based cover makes lower payouts for less serious cases but maintains continuity of the policy to the end of the term.
Income protection (Permanent Health Insurance-PHI) cover provides a regular monthly income if you are unable to work because of an injury or ill health. It will replace a pre-agreed level of income until the end of the policy term or until you are able to return to work. This cover should not be mistaken for Critical Illness Cover because it allows you to maintain your standard of living until you recover, retire or the policy comes to an end.
For 2017/18, the statutory sick pay is only £89.35 per week and it is paid by your employer for up to 28 weeks*. What happens when you have a mortgage commitment and bills to pay? What if your savings cannot last you more than 6 months?
Protecting your income should be taken very seriously given the limited government support currently available and we are here to assist you in getting the correct amount of cover to safeguard both yours and your family’s wellbeing.* Source Gov.uk June 2017
Private Medical Insurance (PMI)*
Becoming ill is stressful enough and with the increasing demands on the NHS, the waiting times have increased significantly over the past few years and it is taking even longer to get appointments at the hospitals. Whilst the NHS does provide comprehensive medical treatment to anyone who needs it, Private medical insurance is a quick way of getting access to the health treatment you need if you fall ill or get injured. From seeing specialists for diagnosis, to choosing where you stay while in hospital, private healthcare insurance is designed to complement the NHS and not replace it.
* Enquiry will be referred to our business partners