Protecting Your Family
Most people insure their car without a second thought, but fewer take the same approach to their income or their life. If you were diagnosed with a serious illness tomorrow, or couldn't work due to injury or illness, how long could you manage financially? For most households, the honest answer isn't very long.
We talk through protection as a matter of course alongside every mortgage we arrange, but it's just as important to review your cover if your circumstances have changed, even if you haven't moved home recently.
Critical Illness Protection
According to Cancer Research UK, around 1 in 2 people in the UK will be diagnosed with cancer at some point in their lifetime. Add to that the risk of heart attack, stroke, and other serious conditions, and the likelihood of a significant health event during your working life is higher than most people assume.
Critical illness cover pays out a tax-free lump sum if you're diagnosed with one of the specified conditions listed in your policy. The number of conditions covered and the definitions used vary between insurers and policies, which is why getting the right advice matters as much as getting cover in the first place.
The money can be used however you need it: to pay off your mortgage, cover lost income, fund treatment or adapt your home.
Protecting Your Income
Most people don't think about what would happen if their income stopped. But your mortgage, bills, and day-to-day costs would all still need paying.
Income protection is designed to replace a portion of your income on a tax-free basis if you're unable to work due to illness or injury, for as long as you need it up to the end of the policy term. Unlike short-term accident and sickness policies, a proper income protection plan can pay out for months or years, depending on how the policy is structured.
It's one of the most valuable and most underused types of cover available, particularly for self-employed people who don't have an employer's sick pay to fall back on.
Life Insurance
Life insurance pays out a lump sum or regular income to your family if you die during the policy term. For most people with a mortgage and dependants, some form of life cover is essential.
There are different types of policy depending on what you need it to do. We'll look at your circumstances and recommend the most appropriate cover, at a level that reflects your actual financial commitments.