Insurance & Protection

The most straight forward type of life insurance pays out a chosen lump sum of money if the person insured dies. Cover is often taken out to provide for loved ones or to pay off a mortgage in the event of death.

Life insurance is not a legal requirement but if you have anyone who relies on you financially, or you have a debt, such as a mortgage, it is certainly something to consider.

The answer to this depends entirely on your circumstances. A couple purchasing their first property together might only want a policy just to pay off the mortgage if one of them were to die. Another couple with a larger mortgage and perhaps two children may want to provide cover to pay off the mortgage, cover the costs of raising children and provider for their surviving partner/spouse.

Price varies on all policies depending on a number of factors including your age, your smoker status, the amount of cover you want and the length of time you want it in place, your health, job and maybe even your hobbies. The younger you are the cheaper your premiums will be and they can remain the same for the duration of the policy. You do not need to tell the insurer about any medical changes after the start date of the policy so it is best to get it in place sooner rather than later. Premiums start from just £10 per month.

Income protection is an insurance policy that will pay you a monthly income if you are unable to work due to illness or injury and continues to pay until you return to work or retire.

You should consider income protection if you are unable to cover your outgoings if you did not have an income, you have little or no sick pay you are the main earner, you are single income household or you could not pay your bills with government benefits or may not be eligible.

Statutory Sick Pay is paid to you by your employer if you are too ill to work, however the payment is very minimal at £116.75 a week and is paid to you for up to 28 weeks. Income protection can cover 70% of your lost income.

Critical illness cover is an insurance policy that pays out a tax-free lump sum if you are diagnosed with a specified illness. The most common claims are for cancer, heart attack and stroke but most providers can cover over 70 conditions. Children can also be covered under the policy.

A life insurance policy will pay out the benefit when you die. A critical illness policy will pay out upon the diagnosis of one of the listed conditions covered by the policy which you may recover from.

We regularly help to arrange cover for people with past or current health issues and use our knowledge to speak to the insurers underwriters to make sure you get the best deal.

Yes, we do this with no additional cost. Setting a policy up under trust ensure the money goes directly to your nominated beneficiaries and won’t form any part of your estate when you die so there is no inheritance tax on the proceeds and family won’t have to suffer delays waiting for probate.

Yes, although it is worth considering that if you need to re-apply for cover at a later date the same cover will cost more as you will be older. Insurers will also need to re assess your health and lifestyle at the time which means you could be charged more if your health has deteriorated or you may not be able to get cover at all. There is no charge for cancelling a policy.