Chestnut Financial Services Limited

10 Newark Road, Bassingham, LN5 9HA

Call Us: 01522 788887

Email Us: ian@chestnutfs.co.uk

Chestnut Financial Services Limited

10 Newark Road, Bassingham, LN5 9HA

Call Us: 01522 788887

Email Us: ian@chestnutfs.co.uk

Chestnut

Financial Services Limited

10 Newark Road,

Bassingham,

LN5 9HA

Call Us: 01522 788887

Email Us: ian@chestnutfs.co.uk

Our Wide Range of Insurance Advice Services

Our Wide Range of

Insurance Advice Services

A Warm Welcome

In our experience, insurance can often be perceived as one of the more simple areas of financial planning. Whilst it is true to say that an insurance policy is a more simple product than say a pension, the implications of not having the correct type and amount of personal protection can have extremely significant consequences.

We firmly believe that it is vitally important to ensure that insurance is taken care of, before looking to plan for the future - ensuring the right type and amount is in place. We will spend time finding out what is important to you and what you want to protect and will build a bespoke protection package to give you peace of mind and security.

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? You might be surprised how useful insurance advice can be for you.

A lot of people simply use comparison sites for insurance policy quotations - after all its a bidding war isn't it for most insurances? Well in my view, no! Great insurance advice can save money and make sure the right sums are in place for when you need them.

Protecting assets - whomever and whatever - is what great insurance advice can do for you - making sure you are properly covered at the right price.

A mortgage is likely to be the greatest financial commitment most people make, that relies on your income to repay the loan, you also need to maintain your, and possibly your family’s, standard of living should something terrible happen. That's why great insurance advice looks after you, with tailored insurance policies to meet your personal needs.

Insurance Advice - Rainbow Umbrella

Events That Could Stop You Earning Enough:

• Illness stopping you earning an income
• Redundancy
• 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.

How Many Days Can Your Money Last?

You may have plans in place already to cope with a loss of income or illness, or even worse, but are they sufficient and how long will the money 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.

Ian is a fully qualified member of the Personal Finance Society, so you can be sure of expert and experienced advice!

Life Insurance

Life insurance or death cover can provide a cash lump sum in the event of your death, or if you become diagnosed with a critical illness. You can include critical illness cover as part of your life cover or take it out as a separate policy - which can be particularly useful for couples and partners with existing policies or different insurance needs.

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 on what cover you might need depending on what you can afford.

You can safeguard your loved ones from financial hardship if you die or suffer from one of a list of illnesses. The money can be put towards funeral costs, payment of a mortgage, debts, or your family’s living expenses - anything you can think of!

Some really important questions for you and your loved ones:

  • what would happen if you died?
  • who are your financial dependants? How would not being adequately insured affect them?
  • what kind of financial support is in place now? what might be needed for the future?
  • what kind of costs will need to be covered such as household bills, living expenses, mortgage payments, education costs, debts or loans, funeral costs?

If you have loved ones, such as children, a partner, or other relatives, who depend on your income to cover debts, bills, or living expenses, then it may be worth considering taking out life insurance. It will help to provide some financial support to your family if you die. For a few pounds a month, financial security for a family is, I believe, really important.

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.

Critical Illness Insurance

Critical illness cover gives you financial protection against certain illnesses and medical conditions of a specific severity.

The cover will provide you with a tax-free lump sum cash payment which can be used to help you and your family. For example, it could help you pay off your mortgage, pay for treatment to help you recover or pay your household bills.

We can help you protect those who depend upon you against the most serious risks that you face.

  • 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.

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 critical illness insurance policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.

So our critical illness 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.

Our role is to give you great insurance advice on what cover you might need depending on what you can afford.

Income Protection Insurance

How would you cope if you became ill or injured and unable to work?

  • What would happen if you became ill and couldn’t afford to pay the bills?
  • If you’re employed, do you have sick pay to fall back on and how long is this paid for?
  • If you’re self-employed, what would you do if you couldn’t work for any reason?
  • Do you have enough savings to cover any personal loan or debt repayments?
  • Do you have anyone who relies on your income, and will you have enough savings to cover you and them if you are 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.

We can help you protect your income, taking into account anything else you can rely on, should you be unable to work.

Thinking of relying on statutory sick pay? That's £94.25 a week for up to 28 weeks) - assuming you qualify.

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 that starts to pay out to pick up the shortfall could be essential.

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.

We can also recommend making the premiums quite cheap, by mixing a "living costs" income protection policy, with a long-term income protection policy, by setting the relative benefits at your ideal combination. Just ask us to talk it through.

Home and Contents Insurance

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.

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;

Contents insurance covers your belongings. Your contents policy may also provide personal liability coverage for you and members of your household when away from the home. Your policy may also cover items such as mobile phones, laptops, and jewellery, away from the home as standard or as an add-on.

Combined buildings and contents cover is only suitable for people who own their homes.

Buildings and Contents policies also usually cover some of your personal legal liabilities, for example, if a visitor injures themselves on your property and you are found to be legally liable for their injury. We can check your policy to see what’s covered.

If you have a mortgage most providers will insist you take out buildings insurance as part of the conditions of your loan. We can certainly help search for the right policy, at the right price.

Even if you have already paid for your home you should still consider buildings insurance to protect against the cost of repairs or rebuilding, for example through flooding or fire.

Insurance Advice - Sky Umbrella

Health Insurance

(Private Medical Insurance)

Health insurance covers treatment for 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.

Health insurance means getting through the health system quicker through reduced waiting times, a speedy diagnosis, and treatment. Health insurance is designed to work alongside, not to replace, all the services offered by the NHS - clients continue to use the NHS. The NHS has shown true resilience over the last few months in supporting the nation’s healthcare. We have all taken comfort in the speed at which they have been able to adapt to cater for the COVID-19 crisis.

It is also important to consider what the future of healthcare will look like. By the end of 2019, the NHS referral to treatment waiting list recorded its highest number of patients since records began in 2007. Taking into account that the majority of major/minor treatment has taken a backseat during this crisis, the problem is only likely to get worse.

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 the cover that's right for you.

Photo of Emma Francis, Office Manager, for Chestnut Financial Services Limited

Please Get In Touch

We always look forward to speaking with our clients.

You can telephone our office on 01522 788887.

Or you can email us - our address is ian@chestnutfs.co.uk

Logos for Chestnut Financial Services

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Chestnut Financial Services Limited. Registered in England no 9918363. Registered office: 10 Newark Road, Bassingham, LN5 9HA. Authorised and regulated by the Financial Conduct Authority No. 840940