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Protection & Insurance
Life Insurance
Life insurance can pay your dependents money as a lump sum or as regular payments if you die.
It’s designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.
The amount of money paid out depends on the level of cover you buy.You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.
You may need to think about whether receiving a payout will affect any means tested benefits your dependents might otherwise be eligible for.
There are two main types of life insurance:
- Term life insurance policies: run for a fixed period of time (known as the ‘term’ of your policy) – such as 5, 10 or 25 years.
These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy term. - A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.
Critical Illness
Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy.
But be aware that not all conditions are covered and policy will also state how serious the condition must be.
Don’t confuse critical illness cover with life insurance, although they are sometimes sold together.
Examples of critical illnesses that might be covered include:
- stroke
- heart attack
- certain types and stages of cancer
- conditions such as multiple sclerosis.
Most policies will also consider permanent disabilities as a result of injury or illness.
It only pays out once and then the policy ends.
Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.
Talk to us for more information.
Income Protection
Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance policy designed to help you if you can’t work because you’re ill or injured.
It ensures you continue to receive a regular income until you retire or are able to return to work.
- Income Protection replaces part of your income – if you can’t work because you become ill or disabled.
- It pays out until you can start working again – or until you retire, die or the end of the policy term – whichever is sooner.
- There’s often a waiting period before the payments start – you generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly premiums.
- Most illnesses that leave you unable to work are covered – either in the short or long term (depending on the type of policy and its definition of incapacity).
- You can claim as many times as you need to – while the policy lasts.
It is important to get advice to ensure your policy fits your circumstance and covers your needs.
Accident, Sickness & Unemployment Cover
Accident Sickness & Unemployment Cover (ASU) can also be called short-term income protection insurance (STIP) or mortgage payment protection insurance (MPPI).
Accident and sickness insurance is a type of income protection policy designed to help anyone in employment meet their living costs in the event they are not able to work following injury or illness.
It provides some level of protection in the event of an accident, being off work due to sickness and in the event of forced redundancy.
Home Insurance
If you own your home or any other property, it’s essential to protect such a valuable asset in case disaster strikes. Just imagine if it was completely destroyed through fire, flood or an explosion – it would have to rebuilt from the ground up.
Building insurance
Building Insurance covers the cost of repairing the actual structure of your home. That includes your walls, windows and roof, as well as all the permanent fittings in your home like baths, toilets and fitted kitchens.
Contents insurance
This covers all the personal possessions in your home in case they’re damaged or stolen. That includes your furniture, TVs, personal belongings and even some types of flooring, including carpets.
Although you can insure your building and contents separately, homeowners often choose to buy their buildings and contents insurance together. It keeps everything simple and can also help to keep the cost down
Landlords Insurance
A standard home insurance policy may not provide enough cover for landlords and property investors. This is where landlord insurance comes in handy.
Also known as buy-to-let insurance, it typically includes both buildings insurance and contents insurance. Buildings insurance will cover you against events such as fire, flooding and subsidence, and if you’re renting out a furnished property, contents insurance can protect everything you’ve put in there for your tenants.
When getting your landlord insurance quote, you could add the following extras to your policy:
- Cost of repairing damage in an emergency following a gas leak, burst pipe or pest infestation
- Accidental damage cover for the building and/or its contents
- Legal cover to get back lost rent
- Compensation claims due to tenant injury
- Property owner’s liability cover to meet any costs if a member of the public suffers an injury, or damage to their property
- Loss of rent cover also known as tenant default. This should cover the cost if your tenants have trouble paying their rent
Landlords insurance usually covers the most common risks associated with renting out a property. But policies can vary so it’s important to check the small print.
Wills & Probate
Protect your family and your assets. Most people default to Solicitors when it comes to making a will and probate, however there are several options available that offer the same security but for much better value. So whether you are looking for a Single Will, Mirror Will, Lasting Power of Attorney or Trust we can help you get the right advice.
Making a will and reviewing it regularly is the only way you can guarantee that your estate will go to the people or organisations that you want to benefit. Making a Will creates certainty, reduces worry and gives you the peace of mind that comes with knowing exactly how your money, property and possessions will be dealt with after your death. A will can also guide your family and save them worry at a time of great emotional distress.
When making your will it is important to find a professional who is approachable and whose advice you understand. Speak to us today to find out more.
A Few FAQs
No you don’t have to have life cover but it makes sense to protect your loved ones. If you are young a healthy it can be a very inexpensive insurance.
PPI is used to cover your outgoings, typically expenditure on a loan. Income Protection, on the other hand, is designed to protect your wider income. This can include expenditure on loans but also wider costs, such as a mortgage, rent, bills and lifestyle costs.
Yes, it is called life assurance or whole-of-life insurance. Your family can claim for your policy no matter when you die, unrestricted by a policy term.
Whole of Life Insurance is normally more expensive than term insurance, as the insurer knows for sure that it will have to pay out eventually.
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Important Stuff
Integrity Mortgage Solutions Ltd act as a credit broker not a lender for home and landlords insurance.
