Comprehensive Financial Protection

The types of financial protection you need depend entirely on your individual circumstances. Key considerations include whether you have dependants, an outstanding mortgage, or if you are self-employed. Common types of cover include life insurance (to protect your family), income protection (to replace lost earnings due to illness or injury), and critical illness cover (a lump sum payment for specific serious illnesses). Our advisors will assess your unique situation to recommend a tailored protection plan.

The amount of life insurance cover you need should ideally cover your outstanding mortgage, any other significant debts, and provide enough income for your dependants to maintain their lifestyle for a number of years. Factors such as your annual income, future expenses, children's education costs, and existing savings will all influence the appropriate level of cover. We can help you calculate a suitable sum assured to ensure your family's long-term financial security.

Income protection insurance provides a regular, tax-free income if you are unable to work due to almost any illness, injury, or disability that prevents you from doing your job. It's designed to replace a significant portion of your lost earnings (typically 50-70%) until you can return to work, the policy term ends, or you retire. It generally does not cover redundancy, but some policies may offer short-term unemployment cover as an add-on. We'll clarify the specifics of any policy recommended.

Critical illness cover pays a single, tax-free lump sum if you are diagnosed with one of a predefined list of serious illnesses, such as certain cancers, heart attacks, or strokes. Income protection, conversely, pays a regular, ongoing income if you are unable to work due to almost any illness or injury that impacts your ability to do your job. Critical illness cover provides a capital injection for a specific event, while income protection offers sustained income replacement for broader circumstances.

While not legally mandatory (unlike car insurance, for example), financial protection insurance is highly recommended for anyone with financial responsibilities or dependants. Without it, a serious illness, injury, or premature death could lead to significant financial hardship for you or your family, potentially risking your home, savings, and future plans. It provides a crucial safety net and invaluable peace of mind, ensuring that your financial commitments can still be met even if your income stops.

Absolutely. If you already have existing life insurance, income protection, or critical illness policies, it's vital to ensure they remain suitable for your current circumstances. Life changes, and so do insurance products and your needs. We can review your existing policies to check if they offer adequate cover, are cost-effective, and still align with your long-term financial goals, providing recommendations for any necessary adjustments.

Premiums for protection insurance are calculated based on several factors. These typically include your age, health (including any pre-existing medical conditions), lifestyle (e.g., smoking status), the amount of cover you require, the length of the policy term, and whether you choose joint or single cover. For income protection, the 'deferred period' (how long you wait before payments start) also affects the premium. We'll help you understand how these factors influence your cost.