Family & Mortgage Protection
Making sure our loved ones are taken care of if we ever become too ill to work, or on death, is one of the most important financial considerations we’ll ever make.
An unexpected death, or diagnosis of a serious illness is an awful experience for anyone to cope with, but at least with the cover you need in place, you and your family will have the peace of mind of knowing you won’t suffer financially.
Discussing how our financial situation would change in the event of illness or death can be difficult, but if you have a family, or somebody who relies on you to pay a mortgage or rent each month, plus the other financial commitments that come with these, it’s definitely something you need to consider.
Our advisers will offer you friendly, independent advice. They don’t have sales targets, so you can be sure they’ll only offer solutions which work for you.
They’ll start by looking at any cover you may already have in place, perhaps through your employment, then how much and type of cover you actually need. Only then will they search across the whole market to make sure they find you the best protection to suit your individual needs.
Different Types of Cover
There’s no one-size-fits-all solution when looking at your protection needs, as everybody’s needs are different, but here are some of the most common types of cover explained.
Level term insurance – a policy which runs for a set number of years and pays out a set amount if you die during that time.
Decreasing term insurance – a policy which runs for a set number of years, usually the same as your mortgage, and pays out if you die during that time. Each year the cover provided goes down, as your mortgage decreases. This type of policy is cheaper than level term insurance.
Family income benefit insurance - Like level and decreasing term except in the event of a claim it pays out a regular income for the remaining term, rather than a lump sum, and is used to replace an income or salary.
Whole-of-life insurance – a policy which covers you for the whole of your life, so is normally used to cover funeral costs, inheritance tax planning and/or so your dependants receive a payout no matter when you die.
You can also have cover for yourself and your family against:
critical illness cover, or
total and permanent disability
These types of cover can be bought on their own, or are often combined with your life cover.
Even if you already have cover, it’s important to review this regularly, to make sure it still meets your changing needs. These regular reviews will help make sure the amount you’re paying for cover remains competitive, and that you still have the right amount of cover.
Some examples of changes which mean you may need to review your cover could be if:
you have a child, or another child
you or your partner changes jobs or stops working
you take out a new or larger mortgage
So, there’s no better time to contact us to arrange a review - and make sure you have the cover in place that you and your family need.