Our Insurance Advice Service
You will most probably be familiar with how you protect your property, using buildings and home contents insurance. Are you as familiar with protecting your greatest asset – you?
A lot of people simply use comparison sites - after all its a bidding war isn't it for most insurances? No!
The comparison sites only list a few insurers and skew their prices to offer something buyers usually don't need or want - or even worse, should a devastating event arise, not pay out what was expected. Protecting assets - whomever and whatever - is what a great insurance advice provider can do - making sure you are properly covered at the right price.
Whilst a mortgage is likely to be the greatest financial commitment most people make, and whilst it is true that your home relies on your income to repay the loan, you also need to maintain your, and your family’s, standard of living should something terrible happen. That's what great insurance advice looks after for you.
Events that could stop you earning enough are:
• Illness stopping you earning an income
• An accident
• A serious illness – such as cancer, stroke or heart attack
• Death (yours or a partner)
We can give great insurance advice on the statistical chances of these things happening to help you make the right choices.
Many are unprepared against the impact a life changing event like this could have on their finances, emotional state, overall lifestyle and importantly, the family.
On average, people are £570 per month worse off after being diagnosed with cancer (source: Macmillan Cancer Support) and 2 in 5 parents have had to take time out of work to take care of an ill child (source: MetLife, 2018).
After the diagnosis of a life changing condition, financial commitments don’t usually stop - there's still need to keep up with outgoings such as mortgage or rent, bills and living costs. Added costs such as hospital visits, child care and needing to take time out of work can all result in additional financial pressures in an already challenging situation.
How would you cope if the worst was to happen? Our insurance advice helps to protect your lifestyle by providing much needed breathing space, so you don’t have to worry about what will happen to your home or building up debt.
You may have plans in place already but are they sufficient and how long will they last?
The first step in getting great insurance advice is to check what you have already and how that contributes to what you might really need.
Should you need to build on your existing plans we will always consider your overall objectives and budget.
We want to give you insurance advice to get the right cover for your needs within your budget. After we have assessed your needs, we will advise and make recommendations for you.
We see ourselves as insurance advisers as having an important role in understanding your personal financial goals and ambitions. We only recommend protection products which we believe will match your aims and expectations taking into account your ability to meet premiums and over what time period you’re looking to be protected.
There are three main house insurance (or flat insurance) policies that we give insurance advice on:
- buildings insurance,
- contents insurance and
- combined building and contents cover.
Buildings insurance cover protects the structure, the fixtures and fittings in your home; while contents insurance covers your belongings.
Combined buildings and contents cover is only suitable for people who own their homes.
If you rent, buildings cover should be handled by your landlord. Contents insurance, however, is your responsibility and should be considered by everyone.
Our role in giving insurance advice is to advise on the right level of cover for you, whether you are a landlord or a tenant, since being under-insured is just as much a bad idea as being over-insured is a waste of money.
How would you cope if you became ill or injured and unable to work?
Income protection insurance is designed to give you some cover if you can’t earn an income for those reasons.
If something happened to you would you be able to survive on savings, or on sick pay from work? If not, you’ll need some other way to keep paying the bills and you might want to consider income protection insurance.
There are waiting periods before the plans pay out. The longer you can manage without the benefits starting the lower your premiums will be. Usual waiting periods are from four weeks up to a year. Some employers pay their staff who are ill for up to 12 months, sometimes on full pay for three or six months then dropping to half pay for three or six months. A plan starting to pay out after a year could then pick up the shortfall.
You are able to insure only 50% to 60% of your income as otherwise there would be little incentive to go back to work. The maximum amount of income you can replace is broadly the after tax earnings you have lost, reduced by any other sources of income have been allowed for such as mortgage payment protection schemes and state disability benefits.
How much income might you need to pay those bills, and for how long might you need cover for? Our aim is to help you establish the most suitable level of insurance protection against the unexpected.
Another form of income protection for mortgage holders is an Accident, Sickness and Redundancy plan (known as ‘ASU’ cover). This pays an income for a short period, usually 12 or 24 months, in the event of illness or being made redundant. Very few people now have ‘jobs for life’. Unemployment can be a real threat, but you can insure against the loss of your income.
This affordable insurance product is designed to provide temporary financial support in the event of losing your job.
How much cash would your family need to maintain their current lifestyle if you die prematurely?
- 1 in 2 will get cancer in their lifetime (Source: Cancer Research UK Jan 2020)
- 27% of all deaths in the UK are heart related (Source: British Heart Foundation 2019)
- 1 stroke happens every 5 minutes in the UK (Source: Stroke Association UK 2018)
- The sobering statistic is around one child in 29 loses a parent before they grow up.
- Every year, 1 million workers in the UK unexpectedly find themselves unable to work because of injury or illness.
Critical illness insurance can help pay for your mortgage, rent, debts, or alterations to your home, such as wheelchair access, should you need it. Examples of critical illnesses that might be covered include; stroke, heart attack, certain types and stages of cancer, and conditions such as multiple sclerosis. Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.
So our insurance advice would look at your savings to tide you over if you become seriously ill or disabled, to cover income if you don’t have an employee benefits package to cover a longer time off work due to sickness.
We can help you protect those who depend upon you against the most serious risks that you face, specifically to your life and your health. Our role is to give you great insurance advice of what cover you might need depending on what you can afford.
Health insurance covers treatment for acute conditions that develop after your policy has started. An acute condition is a disease, illness or injury that is likely to respond quickly to treatment which aims to return you to the state of health you were in before suffering the condition, or which leads to your full recovery.
There are many levels of cover available. To help you decide which cover will be right for you, as a starting point, think about your lifestyle, budget and the areas of your life that concern you the most. Comprehensive covers medical costs from diagnosis to treatment.
If you choose Comprehensive and full cancer cover, it includes diagnosis and eligible treatment. Treatment and care covers eligible treatment and following this, any consultations, diagnostic tests and scans that are needed after you have received your treatment.
With so many different providers and considerations to choose from, health insurance can be confusing. But it’s useful to understand the options out there so if you would like to take out insurance, you can make an informed decision. Feel free to give us a call and arrange a meeting to talk through your thoughts and needs, so we can try to find cover that's right for you.
The Value of Regular Reviews
The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased.
With this in mind, it makes sense to periodically get insurance advice with the help of a professional and experienced independent financial adviser.
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