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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!

Thinking about the consequences should anything happen to the main breadwinner isn’t something any of us want to contemplate. However it is important when arranging your mortgage to take the time to protect you and your family should the unthinkable happen.

You might already have some cover in place. That’s great, but does it still meet your needs? It’s helpful to make sure you review your cover every few years or whenever you have a change in circumstances such as marriage, civil partnership, having children, moving home, a relationship breakdown, a new job… all these events could have an impact on what cover you should have in place.

Put simply, protection products are policies that are arranged to provide you and your family with either a lump sum or a regular income should you become seriously ill, or in the event of your death.

We have listed some of the most popular types of insurance below:

Life Insurance

Life insurance, also known as term insurance or life assurance, will provide a sum of money in the event of death during the term of the policy. This will pay out either a lump sum or a regular income should you pass away, to provide financial support to your dependants.
Life insurance can be used to cover a mortgage, other loans or to ensure that your family is protected from the effects of having to repay a debt.

Our advisers will be able to help you choose the most suitable option for you and your family.

Is life cover for me?

You should consider life cover if:
You have a partner or dependants and want to ensure they are financially secure should you pass away.

You want to ensure the mortgage is paid off should you die before the end of the mortgage term.

You want to ensure your funeral costs are covered

Critical Illness Cover

A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. This type of plan is designed for those individuals or families who want a lump sum if they are diagnosed with a serious illness.

Cancer, heart attack and stroke are the three main conditions, though there can be many more. With some policies there are over 50 named conditions. Each condition will have a specific explanation as to what will result in a paid claim.

Critical illness cover is designed to provide financial support and remove money worries at a time when the focus needs to be on your health. The money can cover everyday expenses but could also be used for private treatment, adapting the home to meet medical needs and/or enabling loved ones to take time out of work to care for you.

Many policies also offer children’s cover meaning if your child is diagnosed with a serious illness, a lump sum would be paid out to help with treatment or to support the family during this difficult time.

Coverage differs considerably between insurance companies so when choosing cover, bear in mind that the cheapest isn’t necessarily the best value. Our advisers will be able to help you find the best cover for your circumstances.

Is critical illness cover for me?

You should consider critical illness cover if:

You have no other cover to provide you with financial support if you’re seriously ill, such as income protection.

You have a mortgage or other personal debts that you would still have to repay if you were seriously ill.

You have dependants who rely on your income, and/or unpaid work, such as caring duties and other responsibilities within the home.

You have dependent children and want financial support should they be seriously ill.

Income Protection

How would you pay the bills if your income stopped because of illness or injury?

An Income Protection plan is effectively your own personal sick pay insurance. It pays you a regular weekly or monthly benefit if you become too ill to work due to illness or injury, so that you can continue to meet financial commitments and living expenses.

This type of insurance covers both physical and mental illnesses, and injuries that prevent you from working and earning. You choose how soon after being unable to work you want the benefit to start paying, and this benefit will be paid until you can return to work, or until the end of your chosen claim period.

It can provide cover for the employed, self-employed, contract workers,
freelancers and business owners. There are lots of options to help tailor cover to your own personal circumstances.

In addition to financial support, income protection policies can include practical support to help claimants with their recovery such as physiotherapy and counselling.

Is income protection for me?

You should consider income protection if:

You don’t have any sick pay through work and don’t have sufficient savings or other financial support to fall back on.

Your work sick pay is limited, and you’d like to ensure you are covered should you be ill or injured for longer than your sick pay would pay for.

You don’t want to have to rely on state benefits such as Universal Credit in the event of you becoming ill or injured.

You have a mortgage, rent or other living expenses that you would still have to cover if you were too ill or injured to work.

You are a full time homemaker and want to ensure there is money to pay for the responsibilities you undertake should you become too ill or injured to do them yourself.
For more information on which protection policy best suits your needs call our expert team today.

Your home may be repossessed if you do not keep up repayments on your mortgage.