Nothing can replace a lost loved one, but if the unthinkable happens to you it is essential that you leave your loved ones in a financially secure situation.
Life cover will pay out a lump sum that can be used to repay debts, such as a mortgage, and/or replace lost future income to support those who are financially dependent on you, helping to give back a feeling of security.
At a difficult time, it can ease money worries, stress, and help prevent financial hardship. Some Insurers will also offer a lump sum payment if you become terminally ill. This gives you the opportunity sort out your financial affairs before death if you are given a limited life expectancy.
Many people assume that their existing arrangement such as “Death in Service” from their employers is sufficient… Sometimes this can be utilised in planning your protection but usually it is not sufficient to cover all of your needs.
The best thing you can do, for complete peace of mind, is to get in touch with us today. Call on 01480 473 084 or click here to get a call back.
Critical Illness Cover
Many people insure themselves in case they die, but what about if you survive? The financial consequences of suffering a Critical Illness can be far greater than dying.
You may lose one or both your incomes if either of you have to give up work to care for the other, but you will still have all the normal cost of living, even the possibility of additional costs for medical treatment or carers. Critical illness cover is designed to help protect you and your dependents or family from the financial hardship that a serious illness can cause.
- There are around 375,000 new cancer cases in the UK every year, that’s around 1,000 every day (2016-2018).
- Every two minutes someone in the UK is diagnosed with cancer.
- Incidence rates for all cancers combined are projected to rise by 2% in the UK between 2014 and 2035, to 742 cases per 100,000 people by 2035.
Statistics from Cancer Research UK
By paying a tax-free lump sum if you are diagnosed any one of a number of specified illnesses, it can help relieve the financial worry, allowing you to focus on your recovery. It can be used to repay debts such as a mortgage, for home alterations or specialist equipment, pay for private treatment, or simply provide an income whilst convalescing.
- Stroke is a type of cerebrovascular disease, which is one of the leading causes of death in the UK.
- Stroke accounts for roughly 75% of deaths from cerebrovascular diseases.
- A stroke happens every five minutes.
- 100,000 people have strokes each year.
- There are 1.3 million stroke survivors in the UK.
Statistics from the Stroke Association
Below are some examples of the types of Critical Illnesses that Insurance companies include. However, some companies cover many more conditions and have additional features such as “Children’s Critical Illness Cover”. These would be discussed with you and detailed in the providers Key Facts Documents.
- Aorta graft surgery
- Benign brain tumour
- Blindness – permanent and irreversible
- Coronary artery by-pass grafts
- Heart attack
- Heart valve replacement or repair
- HIV infection – caught from a blood transfusion, a physical assault or at work in an eligible occupation
- Loss of hands or feet
- Major organ transplant
- Multiple sclerosis
- Paralysis of limbs
- Parkinson’s disease
- Third degree burns
Please note that not all forms of cancer, heart attack and stroke are covered by a critical illness policy.
To find out more about how you can have peace of mind that should you suffer from critical illness, that finance won’t be a burden – call us on 01480 473 084 or click here for a call back.
Think about how much you spend every month?
Mortgage payments, utility bills, council tax, home insurance , food, housekeeping, petrol, car tax & insurance, clothing , children, loans, credit cards etc.
Which of your outgoings could you do without?
If you are unable to work because of illness or disability, you could lose the income that pays for all these things. Even if you are not in employment and are a house person or raising the kids, imagine the cost for childcare and domestic help if you were unable to fulfil these roles.
People will insure their house, they’ll insure their car, and they’ll insure their possessions. Yet they rarely seem to realise if they lose their income they could lose them all whether they are insured or not. Income protection (sometimes called Permanent Health Insurance or PHI) is designed to provide a regular monthly income if you are unable to work because of ill health. Even if you are not in paid work, say raising your family, you can still cover yourself to provide an income to support your family. The income will normally pay until you are well enough to return to work or the end of your chosen term, usually linked to the end of your mortgage or your retirement age.
To find out more, call us on 01480 473 084 or click here for a call back.
Accident, Sickness & Unemployment Insurance
Accident, Sickness & Unemployment cover (ASU) is sometimes referred to as Mortgage Payment Protection Insurance (MPPI). This type of insurance is becoming ever more important in these uncertain times, people are more fearful of the risk of being made redundant or how they would cope if they were unable to work through illness.
It basically will pay you an income to ensure your mortgage payments and associated costs can be maintained for a period of time should you lose your income through accident, illness or redundancy. This could then prevent you from falling into arrears on your mortgage and potentially losing your home. It can be set up in three ways depending on your needs and circumstances.
Accident & Sickness only, Unemployment only or a combination of both as Accident Sickness & Unemployment cover. You can choose the amount of cover you require monthly (subject to limits) but this is usually linked to your mortgage payment plus some associated costs. When claimed there would normally be a waiting or deferred period then the benefit would only pay for a period of time, usually 12 month or 24 months or until you returned to employment.
Getting the right cover for you
If you would prefer the payment for longer period then Income Protection could be a better option. However, this does not cover unemployment. This accident & sickness element of this cover can be particularly useful for self-employed people who have no sick pay or people in occupations with a higher risk of injury or illness (e.g. Construction workers, Scaffolders, LGV drivers, Emergency Services personnel etc.) that may not be eligible for other types of income protection. This Payment Protection insurance is optional. As with all insurance policies, conditions and exclusions will apply.
Accident Sickness & Unemployment insurance typically costs £4.10 a month for every £100 of monthly benefit. This is based on a 39 year old customer choosing £1,000 of accident, sickness & unemployment monthly benefit with claims paid after a 30-day deferred period.
The cost of this insurance depends upon a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances. There are other providers of short term Income Protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website www.moneyadviceservice.org or to talk to one of us to find out more, call us on 01480 473 084 or click here for a call back.
As with all insurance policies, conditions and exclusions will apply. The cost of this insurance depends on several factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.
Home & Landlords Insurance
Your home will probably be the most valuable thing you ever own. So it is important to ensure that should something happen to it you can afford to rebuild it or repair it. It will also be a condition of your mortgage that the property is suitably insured. The majority of insurance policies cover the standard things such as fire, explosion, storm, flood, subsidence etc. However, there are so many more options available it is important to get advice before choosing which Insurance company offers the best cover for you.
Contents are pretty much any of your possessions that are not permanently attached to your home. If your home was completely destroyed, say in a fire. How much would it cost to replace all your contents? Sofas, beds, wardrobes, clothes, TVs, Computers, washing machines, dishwashers, crockery, curtains, carpets, etc. etc. The list goes on and on.
Needless to say it is important to insure these so that if something does happen you can replace them. Contents insurance policies are likely to offer some additional options such as Accidental Damage, Personal Possessions away from the home, Domestic Emergency Cover and Legal Protection. As with buildings it is important to get advice before choosing which Insurance company offers the best cover for you
If you own or are buying a property that you are intending to rent out you will require a different type of property insurance, with different features such as property owner’s liability and alternative accommodation for your tenant and loss or rent in the event the property is damaged.
Renewing your home insurance annually without question may be the convenient option, but are you getting the best deal? Not all buildings and contents policies are identical, what’s standard in one could be an additional charge in another. So comparing on price alone could be misleading. By listening to your needs we aim to provide the ideal buildings and contents cover to protect you from major expenditure if misfortune should strike. Whether you are an owner-occupier, buy-to-let landlord or a tenant renting a property we can help! As with all insurance policies, conditions and exclusions will apply.
Call us on 01480 473 084 or click here for a call back.
With 20+ years of experience, we can help you…
Assured Mortgage Advice offer a Full Advice and Recommendation Service. This means we will assess your individual circumstances and then make a recommendation for the most suitable product. We will then search the whole of the market and find you the best mortgage out there for you.