Financial products are sometimes at their most useful when they are protecting our families, our incomes or our property.
Whilst insuring ourselves against an undesirable event such as sickness or death, may not be a pleasant thing to think about, the benefit of being able to set financial issues aside at emotionally difficult times cannot be overlooked.
There are various ways in which a family can protect itself, and because of the large range of products available, there is usually an appropriate policy for most circumstances, and most budgets.
We can help with many ways to protect your family and your standard of living when you need it most. Click on the different protection options below to learn more about these.
Most people take out life assurance to provide for their families and alleviate any financial worries at a difficult time.
Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract, so at the end of the term there is no maturity value and life cover ends. The benefit is paid tax-free. Premiums are usually monthly and fixed throughout the term. As the term and benefit are known from the outset, and there is no investment content. Term assurance can be a cost-effective method of protection.
Decreasing Term Assurance works in a similar way to Level Term Assurance, but the benefit is set at the outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage, or other loans where the amount of capital outstanding also decreases over time. As the benefit reduces over time, the premiums are usually lower than for Level Term Assurance.
Family Income Benefit works the same as term assurance but instead of paying a lump sum upon death, it will usually pay a regular monthly/annual tax-free income in the event of death to your dependants up until the end of the term of the policy.
Critical Illness Insurance is usually available as an addition to all term assurance plans but can be bought on a standalone basis. Critical illness provides a lump sum benefit / income in the event of diagnosis of certain critical illnesses, such as heart attack, stroke, transplant, blindness, total and permanent disability. The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.
Whatever the type of property you live in, even if it’s ‘non-standard’, the chances are we’ll be able help you to find the cover you need. We’ll also be able to help you get the right cover for all your home contents.
Although the value of properties and their contents will vary, it’s important not to underestimate just how much the contents of your home are worth – your electrical and technology items alone could easily add up to thousands of pounds. Gadgets such as tablets are small but relatively expensive and can easily be damaged or stolen. Take a look around you; how much would it cost to replace all the contents of your home?
Although we all like to think that it won’t happen to our home, unfortunately, accidents, fire, burglary and other mishaps are not uncommon. So, whilst it’s tempting to think that home insurance is one expense that can be avoided, such a decision could prove to be a false economy.
The good news is that we can help.
We provide you with impartial advice and services, delivered in plain English and tailored to your individual needs.
We arrange bespoke solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to info@PinsaWealth.co.uk or call us on 0151 372 5500