Things happen when you least expect it. Insuring our home and belongings is almost second nature to most of us now.
General insurance covers events that may or may not happen, such as accident, fire or theft, as opposed to life assurance, which covers an event that will definitely happen sooner or later, such as retirement or death.
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 either one or two years, however if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.
Premiums can vary. Please contact us to discuss your requirements.
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 independent financial advice before taking out this type of plan as they are not always the best nor cheapest option.
It’s worth noting that there is currently no legal requirement to have such cover and potential miss-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.
Trust forms are key when arranging life cover as without doing so the funds could end up forming part of your estate and ultimately increase your Inheritance Tax Liability. As well as this the policy could potentially pay out to the wrong person. Trust forms should not be confused with a Will, the Trust Forms are specifically for your Life or Critical illness plan.
By placing the policy into a Trust you are ensuring the benefit doesn’t form part of your estate, and more importantly pays quickly and efficiently to your chosen beneficiary.
We can assist you in arranging the Trust form for your plan, providing you with the peace of mind that should the worst happen your loved ones will be taken care of. If you have cover in place which was arranged direct or through your bank it may not be in Trust, and therefore may not do what you initially planned so we recommend you speak to us for an initial free fee, no obligation review of your arrangements.
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A Term life insurance plan is the most basic form of life insurance and is usually the cost effective 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.
Premiums can vary. Please contact us to discuss your requirements.
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 Independent Financial Advisors we can help you find the plan that best meets your requirements so contact our Protection Adviser to find out more.
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.
Premiums can vary. Please contact us to discuss your requirements.
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 Independent Financial Advisors we can help you find the plan that best meets your requirements so contact our Protection Adviser to find out more.
An Income Protection plan is designed to pay out a regular percentage of income in the event that you are unable to work due to an injury or illness. These types of plans continue to pay out an income as long as you are unable to return to work, retirement, death or up until the end date of the policy.
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.
Premiums can vary. Please contact us to discuss your requirements.
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 Independent Financial Advisors we can help you find the plan that best meets your requirements so contact our Protection Adviser to find out more.
MultiProtect is accident protection for you and your family. It provides peace of mind for you and your family at home and abroad.
It gives you financial support 24/7 worldwide covering a range of injuries from broken bones to those that could have a significant impact on your life.
Premiums start from just £9 to £45 with no medical underwriting.
You choose your level of cover.
Benefit from three additional cover options starting from just £1 per month.
MultiProtect helps you get back on your feet. It can be used for construction workers suffering an accident injury at work, painters and decorators falling from a ladder, clients that have driving jobs and suffer accidents, or motorbike riders, and sporting injuries.
If you are a business owner it’s important to consider what cover you may need to protect your business if something happened to you, your co-owners, or employees. As a business owner, you are critical to the success of your organisation.
The most common types of Business Protection arrangements are:-
Partnership or Shareholder Insurance
This is used to protect the ownership of the business. If a shareholder or partners dies or is diagnosed with a termina illness, the proceeds can help the remaining owner buy the affected individuals share of the business. Without protection the surviving owners could lose control of the business and it could impact its continued success.
Loan Protection
This could be used to repay business debt such as commercial mortgages, directors’ loans, overdraft, trade creditors etc. If the business loses a key person such as a director with a director loan, the money paid by the policy can be used to clear the loans or any other debt. Without the policy proceeds, investors, and creditors (such as the bank) may call in debts as they may no longer be confident that the business can keep up with their obligations.
Key Person Protection
If a business loses a key person who brings in the most revenue the policy can give the company a cash injection allowing the company breathing space to either replace lost profits or possible recruit a replacement.
Relevant Life Cover
Relevant life insurance is a type of policy that a business can take out to provide life insurance for an individual employee. Its an alternative way employers can provide death in service benefits for employees outside of a registered group life scheme whilst potentially providing tax efficiencies.
If you have a mortgage, your lender will insist that your property (and their security) is protected by buildings insurance. It usually pays out if your property is destroyed by fire, floods or subsidence (although you will need to check if you live on a flood plain, for example). Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, greenhouses and garages.
You might be offered buildings insurance when you take out your mortgage, but you don’t have to take what’s on offer. Use the key policy information to shop around and get the best deal for you.
If you purchase a leasehold property (such as a flat in a block of flats) the freeholder may have arranged buildings insurance for the whole block, in which case you may not need your own buildings policy.
Your cover is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt.
You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory. Your belongings are not covered – these need to be covered separately with contents insurance – see Contents Insurance.
As always, shop around. You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
Contents Insurance covers the loss of or damage to the contents of your home. This includes your furniture, electrical goods and other items within your home.
Some policies cover you for items you take outside, for example cameras, jewellery and briefcases. Different policies offer different levels of cover but generally you’ll be covered against theft and fire, and have the option to insure against damage you may cause by accident.
It is always vital that you thoroughly read and understand the full policy terms and conditions. If not already covered by your contents insurance, you may want to consider travel insurance for loss or damage to your personal belongings whilst travelling. For more information see Travel Insurance.
Some contents insurance policies offer new for old. This means they’ll replace old damaged appliances and possessions with new ones when you claim. Bear in mind that your premiums may increase the following year, or the insurance company may refuse to cover you for the same risk if it happens more than twice, for example.
Anything beyond the maximum amount your insurer says they will pay, and it may pay a maximum amount on single articles. You’ll need to specify the value of the contents. Some companies have limits on the value of any one item under the general policy so you’ll need to specify individual items such as expensive jewellery or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out. Damage to the building itself is also not covered; this needs to be covered separately with Buildings insurance – see Buildings insurance.
Many insurers will offer discounts if you have a burglar alarm, window locks or if you’re a member of a Neighbourhood Watch scheme. You may also get a deal if you combine contents and buildings insurance. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy.
Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
Whatever type of property you own, chances are you have a considerable amount of money tied up in that property. This is an investment you need to protect for a whole variety of reasons.
What if there’s a fire for instance? Even if you think, “it won’t happen to me,” investing in a landlord insurance policy might save you from possibly the costliest expense of your life. Of course, there are many more benefits to buy-to-let landlord insurance.
We can provide cover for a comprehensive range of properties catering for all types of styles, sizes, ages, conditions and locations.
