Protection
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Family is important; that’s why it’s best to get expert advice to help protect what matters, when it matters!
Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.
As one would imagine, there are many types of Protection Policies to choose from. Finding the one that provides adequate cover and the right protection is not as easy as you may think. As Mortgage and Protection Advisers’ we can help you find the one that best meets your requirements.
Life Assurance
What is it?
A Term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term.
With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
Who is it for?
This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As advisors we can help you find the plan that best meets your requirements.
Critical Illness Cover
What is it?
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.
Who is it for?
This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. As advisors we can help you find the plan that best meets your requirements.
Income Protection
What is it?
An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age).
This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.
Who is it for?
This type of plan is designed for anyone whom is working (employed or self employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have. As advisors we can help you find the plan that best meets your requirements.
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Mortgage Payment Protection
What is it?
A Mortgage Payment Protection plan is designed to ensure that you are able to continue to make your mortgage (and other related expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans usually pay benefits for up to two years however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.
It’s worth noting that there is currently no legal requirement to have such cover and potential mis-selling of these products has generated much interest from the media and the industry regulator in recent years. However, this doesn’t mean that they are not right for some people and can provide valuable protection in the right circumstances.
Who is it for?
This type of plan is designed for those who are worried about being able to continue their mortgage payments in the event of losing income due to accident, sickness or unemployment.
It is extremely important that you take financial advice before taking out this type of plan as they are not always the best nor cheapest option.
Whole of Life
What is it?
As the name implies, this type of life assurance pays out when you die, whenever that may be. It is usually, but not always, a more expensive option than term assurance simply because the life assurance company knows that it will definitely pay out at some point.
Many of these plans offer some form of investment content and so can be more flexible than term assurance and can acquire cash in values.
Who is it for?
This type of plan is designed for those who want to leave a lump sum in the event of their death, whenever it may occur.
It can be used to pay off debts that will not be repaid during your lifetime or for those who want to leave a lump sum to pay a potential inheritance tax liability.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE INHERITANCE TAX PLANNING ADVICE
ALTHOUGH A WHOLE OF LIFE PLAN CAN AQUIRE A CASH VALUE ITS PRIMARY PURPOSE IS TO PROVIDE FINANCIAL PROTECTION AND SHOULD NOT BE SEEN AS AN INVESTMENT VEHICLE
Private Medical Insurance
Private Medical Insurance (PMI) gives you the reassurance of knowing that, should the need arise; you and your family will get prompt access to private medical treatment.
It’s when you need to make a claim that you realise just how wise investing in health and medical insurance can be.
With NHS hospital waiting lists get longer, most people would prefer to be able to jump to the front of the queue; not join the back of it.
Most PMI policies will give you access to –
- Dedicated Nurse Service that provides one-to-one telephone-based clinical support and advice for cancer patients and their families.
- Telephone based health information lines, usually available 24 hours a day.
- A range of covers allowing you to choose what’s best for you and your family.
- Private medical treatment at a time that suits you and your family.
- Hospitals of your choice.
Premiums are worked out on the basis of age and the type of cover required and there is a wide range of different insurances to choose from. At the basic level PMI clicks in when you need specialist treatment or you need to go into hospital. Some policies cover you if the NHS cannot provide treatment within a certain period of time.
At the luxury end of the market there are policies that cover a wide range of medical services such as dentistry, eye care and even spectacles, although the more a policy covers, the higher the premium will be.
In order to make sure the policy you choose is the right one to meet your needs it is worth speaking to an adviser who has specialist knowledge in medical policies and can guide you through the maze of different offerings on the market.
THE MORTGAGE CENTRE ACTS AS A CREDIT BROKER NOT A LENDER
The Mortgage Centre are not authorised to provide advice on Private Medical Insurance but can introduce you to an authorised and regulated Financial Adviser who can provide you with specialist advice in this area.
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