Protection

Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.

There are many types of Protection Policies to choose from. Finding the one that provides adequate cover and the right protection is not as easy as you may think. We can help you find the policy that best meets your requirements.

Life Assurance

Your home may be repossessed if you do not keep up repayments on your mortgage.

    What is it?

    A Term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term.

    With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.

    Who is it for?

    This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As advisors we can help you find the plan that best meets your requirements.

    Critical Illness Cover

    Your home may be repossessed if you do not keep up repayments
    on your mortgage.

      What is it?

      A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.

      Income Protection

      Your home may be repossessed if you do not keep up repayments on your mortgage.

        What is it?

        An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age).

        This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.

        Who is it for?

        This type of plan is designed for anyone whom is working (employed or self employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have. As advisors we can help you find the plan that best meets your requirements. 

        Whole of Life

        Your home may be repossessed if you do not keep up repayments on your mortgage.

          What is it?

          As the name implies, this type of life assurance pays out when you die, whenever that may be. It is usually, but not always, a more expensive option than term assurance simply because the life assurance company knows that it will definitely pay out at some point. 

          Many of these plans offer some form of investment content and so can be more flexible than term assurance and can acquire cash in values.

          Who is it for?

          This type of plan is designed for those who want to leave a lump sum in the event of their death, whenever it may occur.

          It can be used to pay off debts that will not be repaid during your lifetime.

          For those who want to leave a lump sum to pay a potential inheritance tax liability. We can help you find the plan that best meets your requirements.

          ASU

          There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk.

            Accident Sickness and Unemployment insurance is the only policy that covers you against losing your income through redundancy.

            In the current climate of job uncertainty, knowing that you’ll be able to keep up to date with your bills in the event of redundancy is one less thing to worry about, and having that peace of mind knowing that your family’s welfare and lifestyle can be maintained if you become unemployed due to job cuts, or simply through ill-health can be a weight of one’s mind.

            So what does ASU insurance provide me?

            ASU insurance is a time-limited insurance product that provides short term assistance in paying your debts, in the event that you are temporarily unable to work.

            ASU cover usually starts a month after you stop work, and pays out for a limited period of 12 or 24 months, depending on the policy. As independent advisers we take a whole of market approach, and look at all available ASU policies to find the cover that’s right for you.

            When considering ASU insurance, reading the small print is essential, as there are important differences between the various policies available. It is particularly important to check which health conditions are covered by each policy, and if you have had a particular health issue in the past, to make sure that is included, or, more importantly, that it is not excluded for you.

            We’d love to help you with your financial plan

            Address

            17 Church Street
            Market Harborough
            Leicestershire
            LE16 7AA

            Telephone

            01858 410088

            YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.

            Mortgage by Design is a trading name of Lifetime Wealth Management which is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Lifetime Wealth Management Ltd is registered in England and Wales. Registered number 4631136. Directors P Merrigan, U Ozturk, C Last. Registered office 12-14 Upper Marlborough Road,
            St Albans, Hertfordshire AL1 3UR.

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