The term “Protection” refers to different types of life and protection insurance which you can put in place and are designed to “protect” you and/or your family and finances. This protection can cover your home, your income or your family from unforeseen events like critical illness or illness/injury meaning you cannot work, and to help secure your financial future.
It’s important to consider what kind of protection you might need, and to regularly review this as your needs change throughout your life, be it employment, family, relationships and moving house to name just a few. A great time to re-look at your requirements is when you are looking at your mortgage needs.
The most common types of cover include:
Income protection
If you are unable to work due to illness or injury, income protection is designed to financially support you and replace part of your income. Depending on the policy terms, it can pay out until you can work again. You will receive payments in regular, tax-free instalments.
Life insurance
Should you die during the period of your policy, Life Insurance gives you the comfort of knowing that loved ones will be provided for. If the policy is linked to your mortgage, the policy will pay out a lump sum.
Critical illness cover
Critical Illness cover is similar to Life Insurance, but you will receive a tax-free lump sum pay out on diagnosis of certain illnesses as opposed to paying out on death only. Once the money has been paid out to you, the policy will end.
Buildings and contents insurance
Two very different types of insurance are covered under the term Home Insurance. Building Insurance is available separately and will cover the actual building and permanent fittings and fixtures like kitchens and bathrooms.
Contents Insurance will cover items you keep in your home, like furniture, personal belongings, Tv’s and electrical equipment and some types of flooring, including carpets.
What do YOU need:
In broad terms it will be your personal circumstances that will dictate which policies you need and will suit you best. We will talk through all the options with you and help assess what is the right protection for you. Please don’t hesitate to get in touch with us on 01905 419 914.
For insurance business we offer products from a choice of insurers
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Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.