With every new event in life it pays to check that you have adequate protection cover that meets your changing circumstances. Whether you are buying a new house, increasing your existing mortgage, growing your family, changing jobs or just require added peace of mind, Protection Insurance plays an important role.
Future First can advise you on many aspects of personal protection from Life (or more specifically) Death Cover to Buildings & Contents Insurance or from Critical Illness Cover to Income Protection.
For any protection advice, call us on 07814 058724 or 01752 346237 or email at [email protected]
Life Insurance has been around for centuries. The earliest date for a policy in the UK pre-dates the 16th century.
Arranging Life Insurance has been a trusted way of assisting people and business to repay debts, loans or providing for families and/or loved ones in event of death.
There are a multitude of companies who offer life insurance in the UK and its important to assess who provides the best cover for the purpose you require.
Different types of policies can be used for different things. The main types of Life Insurance are: -
Decreasing Term Life Assurance
Decreasing Term Assurance is typically used for protecting a reducing mortgage or loan over a given term. It can also be used for provision of an annual income over a given term whilst growing children remain dependant
Level Term Life Assurance
Level Term Assurance is used typically for a fixed sum debt, perhaps an interest only mortgage. It can also be used for lump sum Family Protection whilst growing children remain dependant.
Critical Illness Insurance
In the event of serious illness, how would you pay the mortgage and maintain your family’s lifestyle? Critical illness cover will pay out a lump sum, which could be used to repay your mortgage, replace income, or cover other expenses such as long term care, subject to a valid claim.
Generally there are 2 types of Critical illness Plans – These are as follows.
- Fixed Term Life Cover with Critical Illness
- Mortgage Life Cover with Critical Illness
Fixed Term Life Cover with Critical Illness
This is a protection policy that will pay out a cash lump sum if you die or are diagnosed with a critical illness that meets your policy’s definition within a set period of time known as the policy term. The amount of cover remains fixed throughout the policy term.
Mortgage Life Cover With Critical Illness
Unlike the Fixed Term policy, this is a decreasing protection policy where the level of cover reduces each year during the term of the policy roughly in line with the outstanding balance on a standard repayment mortgage – hence it is frequently referred to as “mortgage protection”.
Provided the initial sum insured and term are the same as the mortgage at the outset it means that in the event of death or diagnosis of a critical illness that meets your policy’s definitions the policy should be sufficient to repay the mortgage provided interest rates have not risen above the providers advised interest rate.
Unlike pure Life Insurance, which pays out a sum of money upon Death, Critical Illness Policies do tend to be more complicated. This will mean that Future First will ask personal and hereditary health questions to ensure your circumstances are matched to the best Provider.
Income Protection Insurance
What would you do if you could not work due to an accident or ill health? If you had a reduced income, how would you pay your monthly bills?
What if you fell from a ladder and injured your back and were unable to go to work? How generous would your employer be or, worse still, what income would you have if you were self-employed?
We all hope it will never happen but sadly, thousands of people are incapacitated unexpectedly. Unfortunately, if they had not taken out any income protection the financial repercussions can be very bad indeed.
Income Protection Insurance will pay you a liveable wage in the event of you being unable to work due to accident or sickness. Monthly premiums are calculated on your occupation and the age that you wish cover to continue until.
As with all Insurance, Income Protection provides you with peace of mind.
It is usually a condition of your mortgage that you take out buildings insurance to protect your home. For your peace of mind, it is also important to arrange adequate contents insurance so that your belongings are covered against fire, theft and flood and other insurable perils.
At Future First, we have access to several large quote panels covering most large and well know UK Insurers.
With this access, we are able to match your requirements with what these Insurers have to offer and ensure that your Home and precious Contents are protected in the event of most insurable perils.