PERSONAL PROTECTION
Appropriate cover should something go wrong
PROTECTION INSURANCE
Most Protection insurance policies provide both peace of mind and a financial safety net in the event of illness, injury or death. Regardless of whether you’re single or in a relationship, have dependent children or not, chances are you will benefit from some form of protection insurance. We all have goals for the future but how many of us have a safety net in place to ensure we achieve them?
You might already have some cover in place. That’s great, but does it still meet your needs? It’s helpful to make sure you review your cover every few years, or whenever you have a change in circumstances such as moving home. Life events could have an impact on what cover you should have in place.
The Financial Protection team at SPF is best placed to advise you on and help you find the most appropriate cover to limit the impact should something go wrong.
ENQUIRE NOW
Whatever your enquiry, we will endeavour to be of assistance to you. Please feel free to call us or complete our enquiry form below.
PERSONAL
protection
Life Cover
This will pay out a tax-free benefit, either in the form of a lump sum or a regular income, should you pass away. This type of cover can be used to provide financial support to your dependants or funds to your estate to clear debt.
The most cost-effective form of cover is known as a ‘term assurance’ policy. You choose how long you want cover to last for, which could be until your children are no longer financially dependent on you, or you could align it with your mortgage term to ensure your mortgage is paid off. Mortgage Protection policies provide cover that matches the outstanding balance of your mortgage loan and will pay a lump sum that can be used to pay off the remaining balance of your mortgage in the event of death. SPF can advise on the best cover for your circumstances.
Is life cover for me?
You should consider life cover if:
- You have a partner or dependants and want to ensure they are financially secure should you pass away.
- You want to ensure the mortgage is paid off should you die before the end of the mortgage term.
- You want to ensure your partner or dependants’ rent can still be paid should you pass away.
- You want to ensure your funeral costs are covered.
INCOME PROTECTION
When you look at your assets, do you ever consider your income as an asset? Surely your ability to work and therefore to earn your income is your biggest resource? How would you pay the bills and cover your lifestyle if your income stopped because of illness or injury? Income protection is effectively your own personal sick pay insurance. It pays you a regular monthly benefit if you become too ill to work due to illness or injury, so you can continue to meet financial commitments and living expenses.
This type of insurance covers both physical and mental illnesses, and injuries that prevent you from working and earning. You choose how soon after being unable to work you want the benefit to start paying, and this benefit will be paid until you can return to work, or until the end of your chosen claim period. It can provide cover for the employed, self-employed, contract workers, freelancers and business owners. There are lots of options to help tailor the cover to you.
Is income protection for me?
You should consider income protection if:
- You have a mortgage, rent or other living expenses that you would still have to cover if you were too ill or injured to work.
- You don’t have any sick pay through work and don’t have sufficient financial support to fall back on.
- Your work sick pay is limited, and you’d like to ensure you are covered should you be ill or injured for longer than your sick pay would pay for.
- You don’t want to have to rely on state benefits such as Universal Credit in the event of you becoming ill or injured.
Critical Illness Cover
Critical illness cover is designed to provide financial support and remove money worries at a time when the focus needs to be on your health. The money can cover everyday expenses but could also be used for treatment, adapting the home to meet medical needs and/or enabling loved ones to take time out of work to care for you. Critical illness cover will pay out if you are diagnosed with a specified serious illness. Cancer, heart attack and stroke are the three main conditions, though there can be many more.
Many policies also offer children’s cover meaning if your child is diagnosed with a serious illness, a lump sum would be paid out to help with treatment or to support the family during this difficult time. Coverage differs considerably between insurance companies so when choosing cover, bear in mind that the cheapest isn’t necessarily the best value. Your adviser will be able to help you find the best cover for your circumstances.
Is critical illness cover for me?
You should consider critical illness cover if:
- You have no other cover or sufficient savings to provide you with financial support if you’re seriously ill.
- You have a mortgage or other personal debts that you would still have to repay if you were seriously ill.
- You have dependent children and want financial support should they be seriously ill.
