Protection Insurance Services

We understand that providing you with protection cover for you and your family is essential – Kelly (our Insurance Expert) will conduct a thorough review of your situation and requirements to ensure your family (and you) are provided for in the event of ill health or death.

Although none of us like to think about it, would you be able to pay your mortgage if you were off work due to a serious illness or injury?

Kelly is able to offer advice and recommend products from the whole of the protection insurance market for the following types of protection.

Protection

Life Insurance / Life Assurance

Critical Illness Cover

Income Protection Insurance

Family Income Benefit

Whole of Life

Specialist Protection

Key Person

Relevant Life

Business Protection

Inheritance Tax Planning

General Insurance

Buildings and Contents

Landlord Insurance

Kelly or your advisor will talk to you about your specific circumstances. They can help you calculate how much money you and your family may need if you were unable to work due to illness, or if you were to die. This will enable them to look at what level of cover will help meet any shortfall, always recommending products and services that are appropriate for you and your situation. 

Flexibility of appointments. In the same way our Mortgage Advisors offer a range of flexible appointment times and locations, that work for you including telephone or face to face meetings, this extends across to our Protection Insurance services.

What does the various Protection Insurances cover you for:

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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 cash lump sum is paid tax free and can be used by your dependents however they choose.
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Critical Illness Insurance

Critical illness insurance will provide a tax free cash sum in the event that you are diagnosed with one of a set list of critical illnesses (most policies cover 30-40) where your diagnosis meet the providers definition.

Critical Illness protection is there to provide financial stability at a time that it is needed the most, it could be used to clear a mortgage or it could be used to replace a lost income, pay for private treatment or for whatever else you feel is required.

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Income Protection Insurance

Income Protection Insurance sometimes referred to as Mortgage Payment Protection and Accident and Sickness Protection – is designed to pay a monthly income to help replace any lost income, should you not be able to work due to accident or sickness.

Insurers normally limit the amount they will pay out based on your last twelve months of earnings. The monthly benefit payable is paid to you either until you return to work, you retire or if you pass away.

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Family Income Benefit

Family income benefit is a type of life insurance, that provides beneficiaries with a regular, fixed, tax-free until the end of the policy term, as chosen at the outset by the policyholder. It is an alternative to level term insurance, it aims to replace the lost income if the person insured dies. Level term insurance pays out a one off lump sum if the person insured dies. Family income benefit pays a monthly income instead.

No benefit is issued if a claim has not been made before the policy expires.

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Whole of Life

Whole-of-life insurance is designed to pay out a lump sum to your loved ones when you die. It is designed to last designed to last as long as you do. You pay in a premium every month and when you die, the policy pays out a lump sum to your loved ones.

Specialist Protection:

  • Key Person
  • Relevant Life
  • Business Protection
  • Inheritance Tax Planning
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Key Person Protection Insurance

Key Person Protection (also known as key man insurance or key person insurance) allows a business to insure itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a specified critical illness, during the length of the policy.

Key Person Protection is a life assurance or life assurance and critical illness cover policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any pay out is payable to the employer and not the employee.

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Relevant Life Insurance

Relevant Life Insurance is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It pays a lump sum if the person covered dies or is diagnosed with a terminal illness, whilst employed during the term. The Relevant Life is paid for by the employer, and although the plans are similar to most other types of life cover except they aim to provide a tax efficient benefit provided by an employer for an employee.
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Buildings and Contents Insurance

Buildings insurance covers the structure of your home and any fixtures or fittings, garages, drives, fences, walls, out-buildings, swimming pools and tennis courts that are part of it.

The buildings element of the insurance cover includes the cost to repair or rebuild your home if it is damaged to a set rebuild cost although some insurance companies have an unlimited level of cover.

While, contents insurance covers you for your household contents. Generally, it is the total value of everything that is in your home that you would take with you if you were to move. With most contents insurance there is the ability to insure your personal possessions away form the home. This optional cover allows you to insure your personal items normally worn or carried outside the home, e.g. watches, jewellery, cameras, anywhere in the world for up to 60 days a year.

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Landlord Insurance

Landlord insurance provides you with the specialist level of cover you need to protect both the structure and rental income of your investment. A typical landlord building insurance policy will cover your for the cost of repairing any damage to the structure of the property, but it is worth considering adding additional levels which would also cover you for:

  • Accidental cover
  • Liability insurance
  • Loss of rent
  • Loss of income

How We Work

Your Advisor will talk to you about your specific circumstances. They can help you calculate how much money you and your family may need if you were unable to work due to illness, or if you were to die. This will enable them to look at what level of cover will help meet any shortfall, always recommending products and services that are appropriate for you and your situation.  

Flexibility of appointments.  In the same way our Mortgage Advisors offer a range of flexible appointment times and locations, that work for you including telephone or face to face meetings, this extends across to our Protection Insurance services.  

Insurance FAQs

Why do I need insurance?
Insurance gives you and your family peace of mind that in the event of an unforeseen circumstance, such as unemployment, illness or property damage you and your dependents have the necessary financial protection in place to support you.
What kind of insurance do I need?
There are a variety of different insurance products available and each person will have different needs depending on their circumstances. Our Expert Insurance Advisor will talk you through the various options and advise you on recommended products and level of cover specific to your needs.
What should I do if my circumstances change?
We know that your protection needs will change throughout your life, as your family situation, employment, and financial circumstance change. If something changes, we recommend talking to us and that on a regular basis, you (with our help if you wish review what kind of protection you have, to ensure any changes in circumstances have been fully considered.
Do I need buildings and contents insurance to take out a mortgage?
Although not a legal requirement to take out buildings and contents insurance with your mortgage, the Lender will require you to take out buildings insurance from the date of exchange in order to protect its investment in your property.
Do I need life insurance to take out a mortgage? 
In short, no, it is not a legal requirement to take out life insurance with your mortgage, however it is something we recommend you seriously consider if you have dependents who rely on your income.
When should I take out the insurance?
We recommend that you take out the appropriate insurance for you as soon as possible, in order to protect you from the unknown.

Buildings insurance needs to be in place from the date of exchange in order that completion can go ahead.

Can anyone apply for insurance?
You must be a UK resident and at least 18 years old at the time of applying.
What happens if I cancel my policy and switch to a new, cheaper one?
If you’ve only just taken your policy out then cancelling it should be fairly straightforward.

If you’re further into your policy and want to cancel your life insurance, critical illness or income protection policy before the term ends there should not be any penalites.

However, there could be a penalty to pay for the early cancellation of buildings and contents insurance.

Need more help or have any questions?

We need to be honest with you… Your home may be repossessed if you do not keep up repayments on your mortgage.