What is personal and family protection insurance and why is
This article is written by Robyn Dennerley, Principal Financial Adviser, from Your Complete Finance, our exclusive financial advisors in Gateshead. In this article, they discuss all about personal and family protection insurance, and why it is important.
If you have a mortgage, a family who depend on your income, or you want to protect your lifestyle in the event of an accident or illness, personal protection insurance could help you and your family avoid a financial disaster.
Life and protection insurance is the best way to secure your financial future against the risk of an unexpected loss of income, whether due to death, accident or sickness.
Having this cover in place can also help you to deal with any financial difficulties that may arise, such as not being able to keep up with your mortgage repayments. Nobody likes to imagine the worst happening, but sometimes the difficult questions need to be considered.
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If you were to die, would your loved ones be able to maintain their current lifestyle without your income? If not, then a lump sum life assurance payment could be the answer, helping your family to continue living in the way they’re accustomed to at a very difficult time. If you or your family were to come up against a situation that meant you would lose your regular income, a protection policy could help you to:
— Pay off your mortgage or continue making Mortgage repayments
— Maintain you or your family’s lifestyle
— Pay for replacement childcare
— Cover school or university fees
— Pay for specialist nursing support
You may already have life and protection insurance in place, but it’s always worth reviewing your policies to ensure the type and amount of cover provided still matches your personal circumstances. For example, you may have moved home or had children since you originally took out the policies.
Who are Your Complete Finance?
Your Complete Finance consist of Robyn Dennerley and Andrew Hebden. They are the very heart of the company and set it up for one reason and one reason only, to provide their clients with complete, end to end, and trusted financial advice. With nearly 40 years financial services experience between them, it’s safe to say they know what good financial advice looks like.
“We treat our clients the way that we would want our loved ones to be treated, and this starts with protecting them. Nobody likes to think about tragic events happening in their lives, but if they do occur, having the right cover in place can mean that these events can be navigated a lot more smoothly at a time when people and families are under extreme pressure, financial and otherwise.”
Andrew Hebden. Adviser
Life Insurance
What it does
Life insurance (sometimes known as life assurance) will pay out either a single lump sum (sum insured) or a regular income when you die. It can help provide financial security for people who depend on you, if the worst happens.
Why you might need it
Although no amount of money can replace a loved one, it can help those left behind to weather the financial storm left in your absence. For example, it could pay off your mortgage or provide an income to go towards regular household expenditure.
Serious or Critical Illness Insurance
What it does
Serious illness and critical illness insurance plans pay out a tax-free lump sum on the diagnosis of a range of serious (but not fatal) conditions. These conditions include things like heart attack, stroke, cancer, major organ transplants and many others. The conditions covered will vary depending on the insurer. Serious and critical illness insurance often comes as an optional addition to a life insurance policy but can also be purchased on its own. Some policies will pay out a partial amount of your sum assured, while others will only pay out once. This means that although they won’t necessarily replace your regular income, you can still use the money towards medical treatment, mortgage repayments or anything else you choose.
Why you might need it
Many people buy serious and critical illness insurance when they take on a major commitment, like a mortgage, or when they start a family. However, as any of us could suffer a serious illness at any time and would most likely appreciate our financial burden being lightened, it’s fair to say that this type of cover is relevant for most of us, no matter what life stage we’re at.
Income Protection Insurance
What it does
Income protection insurance pays out a regular tax-free income if you become unable to work because of illness, injury. It could help you keep up with your mortgage repayments or rent, and other day-to-day living costs until you are able to return to work. You can arrange cover to replace a percentage (normally up to 70 per cent) of your lost income until you reach retirement, return to work, or die, whichever happens first. Alternatively, cover can be arranged for a limited period of time, which will result in a cheaper premium. The premium you’ll pay will vary depending on these factors and others such as your age, health, the nature of your job and, of course, the level of income you wish to protect.
Why you might need it
If you become ill or suffer an injury during your working life, an income protection policy can help protect against possible loss of income and give you the peace of mind you need to concentrate on recovery.
How we work with you
Trusted support from recommendation to application and beyond. We’ll complete a comprehensive Fact Find with you, either face to face, over the phone or on video call so we can identify your current needs and your future plans.
The we will research the options, using our expert product knowledge, we will put together a personal recommendation for you.
Once we have identified the options available, we’ll talk with you again to discuss our recommendations. We’ll also provide full recommendations in writing, allowing you time to review these. Assuming you’re happy with our recommendation, we’ll work with you to complete the application forms and stay in touch throughout the process – and into the future.
Contact Your Complete Finance
If you enjoyed this article and would like some trusted and complete financial advice, you can contact Your Complete Finance via the methods below:
Website: https://yourcomplete.co.uk/
Email: [email protected]
Facebook: https://www.facebook.com/Yourcomplete
LinkedIn: https://www.linkedin.com/company/your-complete-finance/
After university I had my first role in financial services in 2010 as a mortgage administrator and knew quickly this was the right industry for me. I’ve been studying throughout my career, alongside holding advising and management positions. Firstly, gaining mortgage and insurance qualifications and more recently achieving investment and specialist pension exams.
Originally from Manchester, I moved to the Northeast in 2007 for university and never left! When I’m not working, I enjoy socialising with friends and family and as an avid traveller I can often be found planning my next holiday or adventure.