Insurance Types

 

Types of Cover

Protection insurance doesn’t need to cost the earth. In fact it might not cost as much as you think. And even a relatively small amount of cover would help your family cope for a while.

There are many types of cover available on the market today, we have listed these below. However we would recommend that you speak with a qualified expert adviser who will be able to assess your individual situation and advise on the right type of protection products to suit you and your family

If you are unable to afford all the cover you need today, why not take out a little now and add more cover in the future.

Mortgage payment protection
Mortgage protection such as accident, sickness and unemployment cover can give you peace of mind knowing that in the event of redundancy or illness your mortgage payments will be made and your home will be safe.
Most standard mortgages do not have any protection insurance included, so it’s important to decide what kind of separate cover you need. Accident, sickness and unemployment cover insures you against changes in your circumstances due to redundancy, disability, or illness. Usually payments are made for up to a maximum of 12 months. If you would like to be covered for longer than this you may want to consider taking out income protection.

Income protection
This offers borrowers the security of knowing that their essential repayments will be made if anything happens. For example, if you are in an accident and are unable to work for a while, a lack of comprehensive income protection cover means you will rely solely on state benefit – around £70 per week – which is unlikely to be sufficient to meet your mortgage repayments. This is where income protection can help as it provides a tax free monthly payment until you are able to return back to work.

Life assurance
Life assurance gives you peace of mind that your loved ones will be provided for should you die. There are many different ways to arrange life cover and we can help you find the best deals available.
Life assurance ensures that in the event of death your mortgage will be repaid and the costs not passed on to your dependents or loved ones.
Level term assurance provides a set level of cover for the term you choose. Decreasing term assurance covers you for the term you choose, but the level of cover decreases through the term of this policy.

Critical illness cover
For just £20 a month you could buy £34,000 of Critical Illness Cover*. And the younger you are, the cheaper the cost will be. For this relatively small cost, you could help your family cope for a while without income to pay household bills and debts. This type of cover will pay out a lump sum which could pay for other things like:

• Private treatment
• Prescribed drugs not available through the NHS
• Changes to your home
• Paying off part of your mortgage
* Quote taken from Bright Grey April 2010, based on male 35, female 30, both non-smokers in good health for a 20-year term.

Buildings and contents insurance
It will be a condition of your mortgage that you have buildings insurance to protect your home, and we can provide you with a cost effective personalised quote by speaking with our expert protection advisers. In addition, and for your added peace of mind, it is also important to arrange adequate contents insurance so that your belongings are covered against things like fire, theft and flood.

Buyer’s Protection
If you are buying a property (as a home for you to live in or as a buy to let investment), we will offer you Buyer’s Protection. This type of protection will cover you from the unexpected when moving. Peace of mind – You may face the possibility of finding yourself out of pocket because of survey/legal fees if your house purchase falls through. But don’t worry, through us you will receive cover for up to £600 against solicitors and valuation fees incurred in any of the following events:

• Gazumping
• Seller’s withdrawal
• Adverse survey
• Change in your employment circumstances
• Family bereavement

You will be protected for 3 months from the date your mortgage application is submitted.

Buyer’s Protection covers you for both residential and buy to let purchases when arranging a mortgage through Mortgage Advice Bureau. You will have 6 months to redeem your voucher, within which time you must submit a new mortgage application on a subsequent house through the same mortgage adviser. Terms and conditions apply. Buyer’s Protection cover is provided by Legal & General Insurance Limited.

For insurance business we offer products from a choice of insurers.

Insurances and Trusts
Many of us will know somebody who has died or has suffered a critical illness which can have devastating effects on those around them. Whilst our lives may be going well, none of us know what is around the next corner, but it is whilst our lives are going well that plans should be made. So, should something go wrong you are protected and your finances do not become a problem.

For most people, it is their mortgage that is their largest financial commitment and should the worst happen, it would be good to know that your mortgage payments will be maintained.

Use of Trusts and Insurance
Taking out protection cover and putting them into trust can help you to protect the financial future of your family and provide them with security and peace of mind.
You want to be sure that the right people will benefit from your policy at the right time. You can help ensure this by putting your policy in trust for no extra cost.

There are two main benefits of putting your policy in trust:

1. Save time and reduce the worry with immediate payment on your policy
A life cover claim is made at a stressful time for the family with both emotional and administration issues to be taken on board. A trust can pay the life cover to the trustees to pay monies over to a beneficiary straight away so that their financial position remains sound and they can focus on the future. If the policy was not under trust then there would be a delay in payment until probate, when the will is deemed to be valid, or letters of administration are obtained. This can often take up to six months.

2. Reducing your Inheritance Tax liability
When you write your policy in trust your premiums are known as gifts for inheritance tax purposes and can usually be covered by generous exemptions. The proceeds will not form part of your estate, where inheritance tax becomes payable on assets over £325,000 (tax year 2010/2011).
There are various types of trust available for you to choose – contact our financial advisers today who will be able to discuss these with you.

Your financial adviser will be able to give you advice on the benefits of writing your policy in trust. If you decide that a trust is the best way forward they can advise you on the most suitable trust based on your needs.
Even if you do not use a trust at outset the good news is that we can provide specific versions of these trusts for use with existing policies.

There are 3 main roles involved in a trust:

1. The settlor
The settlor is the person who sets up the trust. They will appoint trustees to administer the trust and decide who the beneficiaries will be. They will also provide the property that will be held by the trust.

2. The trustees
The trustees will manage the trust fund for the beneficiaries. This includes making any claim under the protection plan and, if appropriate, investing any money paid out from that claim.

3. The beneficiaries
The beneficiaries will receive the trust fund in line with the settlor’s wishes.

Our protection experts will be able to advise you on putting your policies into trust and can talk you through any queries you may have.

For insurance business we offer products from a choice of insurers.

    Why Us?

    We differentiate ourselves from our competitors by offering a fully transparent and complete service to all our clients. 

    Our business is built on trusted, long-term relationships with our clients and referrals from our many happy customers. Here’s what they have to say. 

    Our business is built on trusted, long-term relationships with our clients and referrals from our many happy customers. Here’s what they have to say.

    For insurance business we offer products from a choice of insurers.

    We will meet you on a face to face, no obligation basis and obtain a thorough understanding of your circumstances and needs.

    We will provide you with a full and transparent breakdown of our services so you can decide if you want to conduct business with us.

    You will have a single point of contact to guide you through the insurance application process from initial enquiry to completion.

    We will also, where appropriate, ensure policies are written in appropriate trusts which can ensure the proceeds are paid out in the most appropriate way.

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