What is Life Cover?

Life Cover or Life Insurance, pays out a lump sum of money if you die within the policy term, which may help your loved ones maintain their standards of living or pay mortgage costs. We make sure you have the right cover in place without costing a fortune.

 
  • If someone is dependent on you financially then it is a good idea to have life cover to provide for them financially if you’re not here.

    This could help costs such as bills, mortgage repayments, school fees and any other debts you might need to repay.

    If you’ve had a change in circumstance it’s a good idea to review your situation, including any existing life cover, for example:

    • Buying a property

    • Getting married

    • Having children

    • Change in jobs/employment benefits.

  • Less than you may think and cover can be obtained from £5 per month.

    Cost varies depending on factors such as:

    • the amount of cover you take

    • how long you take out the policy

    • the type of policy (see types) of policy)

    • your age

    • your health and lifestyle

    Usually, the younger and healthy you are, the cheaper it will be.

  • Life cover is straightforward and its split into 2 main types:

    Decreasing Cover

    Here the amount of cover decreases over the term of the policy to zero.

    As the value of the insurance decreases, premiums are cheaper.

    This is usually linked to debt such as mortgages where the amount decreases over time.

    i.e. a 25 year mortgage would be linked to a 25 year decreasing life insurance which guarantees to repay your mortgage amount which reduces.

    Level Cover

    You choose a specific lump sum to leave behind for your loved ones, and for how long. This amount and the premium stays the same throughout the term.

    Level cover could be a good option if you’re looking to:

    • Cover your salary

    • Maintain your loved ones’ living standards

    • Pay your children’s school or university fees

    • Pay off an interest-only mortgage

    These policies can typically include an ‘indexation option’ should you want the sum assured amount to rise with inflation in line with rising costs.

  • We will complete a shortfall of needs analysis with you to ensure you have the correct amount of cover for your needs. This is a quick but important step to ensure existing cover is right and you don’t pay more than you need.

    As independent advisers, we have the experience and access to the whole of the market so you can be confident that your cover is right for your needs - at a time when your family needs it the most.

What is Income Protection?

IPI is an insurance policy that helps support you with a monthly payment if you’re ill or injured and can’t work. It pays a proportion of your earnings, which will help cover your monthly outgoings.

  • How much will I get?

    It depends on your income, and normally pays up to 70% of your income, with a maximum benefit of up to £250,000 p.a.

    How long does it last?

    This varies depending on whether you want a shorter term policy for a few years to retirement age.

    A deferral what?
    A deferral period is the time between the first day you’re unable to work and when you get your first payment. You can choose anything from 1 week to 52 weeks depending on your employer benefits and personal situation.

  • Less than you may think and cover can be obtained from £5 per month.

    Cost varies depending on factors such as:

    • the amount of cover you take

    • how long you take out the policy

    • the type of policy (see types) of policy)

    • your age

    • your health and lifestyle

    Usually, the younger and healthy you are, the cheaper it will be.

  • We use a range of providers and some won’t increase your premiums based on your hobbies or health conditions, ensuring your family’s lifestyle is protected.

  • Its best to consider how you’d cover your usual monthly costs if you were ill or injured and couldn’t work for a period of time. What benefits do your employer give you and could you live on these and/or statutory sick pay?

    For those who are self-employed this can be a bigger issue and we are perfectly placed to help.

What’s critical illness?

 

Critical illness insurance is designed to pay you a lump sum amount if you are diagnosed with a serious illness. It’s often taken along side life cover to protect mortgages as well as family.

Most of us will be affected in some way, either personally or through a family member by illnesses such as cancer, heart disease, and strokes. Having a lump sum of money in these times gives people the ability to take control in difficult situations, such as deciding whether to go back to work or not, spend quality time with family, or ease financial burdens such as mortgage payments.

We will help you decide what cover is right for you as well as other benefits that can be included, depending on what is important to you.

5 myths debunked.

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