Protection & Insurance
If you are concerned that you may not have adequate protection in place for you and your family, through our free financial health check, we will talk to you about your personal circumstances and advise you on types of cover you may need. The types of cover are summarised below.
Taking care of the mortgage if you’re unable to
Mortgage Payment Protection Insurance (MPPI) makes repayments for up to a year on your mortgage (and other related expenditure like buildings insurance), in the event of accident, sickness or unemployment hitting your income.
Your mortgage is paid off in the event of your death
Mortgage Life Protection also safeguards your home and pays out in the event of your death. It includes critical illness cover, which means that the mortgage is cleared should you be diagnosed with a terminal illness rather than waiting until you actually die. It ensures your dependents needn’t worry about repaying the mortgage as policies are designed to pay off the remaining debt on your mortgage if you die within a set number of years.
Covering you for the inevitable
Life Assurance is usually required for one main reason - to provide money for people who depend on you so if there is no-one who will be financially distressed by your death, Life Assurance isn’t needed.
This should be considered if your partner could not afford the mortgage on their own. Most often people find that they need to put this in place once they are living with a partner, recently got married or planning a family. Term Assurance is one of the simplest and cheapest types of Life Insurance that you can buy.
Financial assistance when you need it
A serious illness, such as cancer or heart attack, affects one-in-four women and one-in-five men before retirement age#. Critical Illness insurance is designed to ease the financial pressures by paying a tax-free lump sum if you become seriously ill or totally disabled. You must normally survive at least one month after becoming critically ill, before the policy will pay out.
Income protection works for you when you can’t
Permanent Health Insurance (Income Protection) is designed to pay out a weekly or monthly amount to replace a proportion of your income in the case of long-term illness. However, there is a maximum of 50% of your gross pay that can be covered by this type of policy. There is a deferred period during which no money is paid which can be as little as one day and as much as two years. This period is selected based on your circumstances, and is often designed to tie in with the length of sick pay received from your employer.
Making sure you get the medical care and treatment you deserve
Private Medical Insurance is designed to help you avoid the stress of long hospital waiting lists and inconvenient appointment times, plus you can choose where and when to receive your treatment.
Protection for businesses
What would happen if you or one of your key employees suffered a critical illness or was unable to work for a prolonged period?
Business protection is essentially a life insurance policy for the important people in your business. That may include yourself as a Director or partner, or it may be one or more of your essential members of staff (key person).
When Business Protection Insurance is in place and you experience the unexpected you can:-
- Keep the business trading
- Replace key individuals
- Protect corporate debt
If one of your business partners were to die, would you like to be in a position to buy them out?
Shareholder/partnership assurance will provide a lump sum upon death, to allow the business partner to buy the share and provide for the deceased’s family.
Why not get some free protection advice and take advantage of our free financial health check. Call us on 0845 073 0490 or complete our online form and we’ll contact you to arrange an appointment. We are conveniently located in Hurstpierpoint, Sussex, just minutes from the mainline station at Hassocks and close to Haywards Heath, Burgess Hill, Crawley and Brighton.
#source: this is money.co.uk, Dec 2009.
Regency Financial Resources Ltd is authorised and regulated by the Financial Services Authority. The Financial Services Authority does not regulate Buy-to-Let Mortgages, Overseas property sales and Overseas mortgages. There may be a fee for mortgage advice which could be in the region of £250. Your home may be repossessed if you do not keep up repayments on your mortgage.
