Insurance & Protection
Home – Insurance & Protection
What is protection?
About our protection advice service
Our ffee-free advisory service is available to support you. We will conduct a thorough evaluation of your circumstances, investigate different market options, and recommend the most fitting coverage that matches your financial plan and requirements. Your assigned advisor and case manager will assist you with the necessary paperwork, and the best aspect is that our life insurance advisory service is provided to you free of charge.
What is life insurance?
How does life cover work?
Life insurance typically provides a lump sum payout, which can help maintain your dependents’ lifestyle or settle debts like a mortgage. You select the coverage amount (known as the sum assured) and duration (the term). If you pass away during this period, the benefit is paid out.
There are three main types of cover:
- Level: the amount of cover you have remains the same during the term of the policy.
- Decreasing: as the name suggests, the amount of cover you have reduces over time, this is commonly used to protect a repayment mortgage.
- • Increasing: this is cover that will increase over time, usually linked to inflation, so that the value of the benefit is kept in real terms over time.
What is Critical Illness Cover?
It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan
How does life cover work?
What is covered on a critical illness policy?
What is Income Protection?
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 for as long as you are unable to return to work to up until the end date of the policy (typically your regular retirement age).
This type of plan is often seen as the foundation for any financial planning as it’s likely other plans could be given up on if you no longer have sufficient recurring income
How does life cover work?
When purchasing income protection insurance, the coverage amount is usually a percentage of your income, typically ranging from 50% to 70%. In case of a claim, the policy will provide benefits until you can return to work, or until the policy term ends, retirement, or death – whichever comes first.
Income protection policies do not immediately payout upon filing a claim. You must wait for a predetermined period, known as a ‘deferral period’, which is established when you purchase the policy and can last from a few weeks to a year. Typically, deferred periods range from 13 to 26 weeks, with longer deferral periods resulting in lower premiums. However, if you select a lengthy deferral period, ensure you can manage on sick pay or have sufficient savings to cover your expenses. It’s essential to carefully review the terms of income protection insurance, as policies vary. For instance, if the policy is based on an ‘own occupation’ criteria, it will provide benefits if you cannot perform your specific job due to illness or injury. Conversely, if it follows an ‘any occupation’ or ‘work tasks’ standard, it will only pay out if you are unable to work in any capacity. Payments from personal income protection policies are exempt from taxes.
What is Mortgage Protection Insurance?
There are currently no legal requirement to have such cover and the potential mis-selling of these products has generated much interest from the media and the industry regulators in recent years. However, this does not mean that they’re not right for some people under the right circumstances.
What is protection?
About our protection advice service
Our ffee-free advisory service is available to support you. We will conduct a thorough evaluation of your circumstances, investigate different market options, and recommend the most fitting coverage that matches your financial plan and requirements. Your assigned advisor and case manager will assist you with the necessary paperwork, and the best aspect is that our life insurance advisory service is provided to you free of charge.
What is life insurance?
How does life cover work?
Life insurance typically provides a lump sum payout, which can help maintain your dependents’ lifestyle or settle debts like a mortgage. You select the coverage amount (known as the sum assured) and duration (the term). If you pass away during this period, the benefit is paid out.
There are three main types of cover:
- Level: the amount of cover you have remains the same during the term of the policy.
- Decreasing: as the name suggests, the amount of cover you have reduces over time, this is commonly used to protect a repayment mortgage.
- • Increasing: this is cover that will increase over time, usually linked to inflation, so that the value of the benefit is kept in real terms over time.
What is Critical Illness Cover?
It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan
How does life cover work?
What is covered on a critical illness policy?
What is Income Protection?
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 for as long as you are unable to return to work to up until the end date of the policy (typically your regular retirement age).
This type of plan is often seen as the foundation for any financial planning as it’s likely other plans could be given up on if you no longer have sufficient recurring income
How does life cover work?
When purchasing income protection insurance, the coverage amount is usually a percentage of your income, typically ranging from 50% to 70%. In case of a claim, the policy will provide benefits until you can return to work, or until the policy term ends, retirement, or death – whichever comes first.
Income protection policies do not immediately payout upon filing a claim. You must wait for a predetermined period, known as a ‘deferral period’, which is established when you purchase the policy and can last from a few weeks to a year. Typically, deferred periods range from 13 to 26 weeks, with longer deferral periods resulting in lower premiums. However, if you select a lengthy deferral period, ensure you can manage on sick pay or have sufficient savings to cover your expenses. It’s essential to carefully review the terms of income protection insurance, as policies vary. For instance, if the policy is based on an ‘own occupation’ criteria, it will provide benefits if you cannot perform your specific job due to illness or injury. Conversely, if it follows an ‘any occupation’ or ‘work tasks’ standard, it will only pay out if you are unable to work in any capacity. Payments from personal income protection policies are exempt from taxes.
What is Mortgage Protection Insurance?
There are currently no legal requirement to have such cover and the potential mis-selling of these products has generated much interest from the media and the industry regulators in recent years. However, this does not mean that they’re not right for some people under the right circumstances.
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