How would your family cope if you were to die or have a critical illness? Death, illness or redundancy can be devastating on your family. Many people don’t like to think about death or serious illness and even if they do, they’ll say they don’t need protection because, “It’ll never happen to me”.
But with the right protection in place, you and your family need not worry about your finances. None of us know what life may bring, so whilst our lives are going well, we should ensure that we put effective plans in place in case that should change.
With access to the UK’s leading insurance providers, all of the Yes Mortgage Services Mortgage Advisors and our Specialist Protection Advisor can assist you to in determining which types of protection (insurance) cover best suits your personal needs, and compare insurance quotes to ensure that you get the right level of cover, at the best price. They will also complete all the necessary application forms, removing the time and hassle from you.
Below we explain what the various personal protection insurances cover you for but life insurance and critical illness cover should be at the top of your list when thinking of insurance priorities. Surprisingly, protecting yourself and your family may not be as expensive as you might think.
What do the Various Protection Insurances Cover You For:
Life insurance, sometimes referred to as term insurance or life assurance will provide a sum of money in the event of death during the term of the policy. This cash lump sum is paid tax free and can be used by your dependents however they choose.
Critical illness insurance will provide a tax free cash sum in the event that you are diagnosed with one of a set list of critical illnesses (most policies cover 30-40) where your diagnosis meet the providers definition.
Critical Illness protection is there to provide financial stability at a time that it is needed the most, it could be used to clear a mortgage or it could be used to replace a lost income, pay for private treatment or for whatever else you feel is required.
Income Protection Insurance
Income Protection Insurance, can also be called Mortgage Payment Protection and Accident and Sickness Protection – is designed to pay you a monthly income to help replace any lost income, should you not be able to work due to accident or sickness.
Family Income Protection
Family income benefit is a type of life insurance, that provides beneficiaries with a regular, fixed, tax-free until the end of the policy term, as chosen at the outset by the policyholder. It is an alternative to level term insurance, it aims to replace the lost income if the person insured dies. Level term insurance pays out a one off lump sum if the person insured dies. Family income benefit pays a monthly income instead.
No benefit is issued if a claim has not been made before the policy expires.
Whole of Life
Whole-of-life insurance is designed to pay out a lump sum to your loved ones when you die. It is designed to last designed to last as long as you do. You pay in a premium every month and when you die, the policy pays out a lump sum to your loved ones. These funds could be used to any Inheritance Tax liabilities, cover funeral costs or provide funds to pay for care costs.
Flexibility of appointments. In the same way our Mortgage Advisors offer a range of flexible appointment times and locations, that work for you including telephone or face to face meetings, this extends across to our Protection Insurance services.
Our advisor will also complete all the necessary application forms, removing the time and hassle from you.
Our guidance, advice and work to secure you a quote for your insurance and protection cover is completely free and with no obligation, so contact us today.