Protection
For most people, the home they own is the most important and most expensive item that they own. Protecting it is therefore a vital undertaking. Our mortgage advisers in Hinckley are on hand to help you find the best protection plans for you, should any unforeseen circumstance surprise you whether it be falling critically ill or losing your employment.
Life Assurance
What is it?
Life Assurance is the most rudimentary form of life insurance policy and is normally purchased quite cheaply.
In most cases, the insured person is covered for a fixed period of time and then if that person dies, their next of kin are paid a one-off lump sum.
Most insurance policies allow additional options to be increase the scope of the protection. For example, taking out critical illness cover would pay out if the person contracts a qualifying illness or dies during the term of the policy.
Who Is it For?
Life Assurance is designed for people who wish to bestow a lump sum to their friends and family should they die within the specified time period of the policy.
Term Assurance gives families financial protection should the person taking it out dies. This is generally taken out by those with young children and dependants.
The pay out from this, can be used to cover future mortgage payments so that the property is protected.
Situated in Hinckley and surrounding areas, our independence at Marc Catry allows us to find the best plan to suit your needs and circumstances.
Critical Illness Cover
What is it?
Critical illness cover is a plan that will leave a pay out if the person contracts a qualifying illness or disease. It is designed to help in covering living costs and the repayment of any debt that the person may have due to missing work because of long term sickness. It is normally added to Life Assurance policies.
Who Is It For?
Contracting a serious and debilitating illness is an extremely stressful situation. Adding to the stress will be worrying about paying living costs and looking after young families. The pay outs received from critical illness cover can help decrease the strain by paying for mortgage costs and living costs through missed work.
The amount and worth of the cover varies greatly from one insurance company to another. If you need guidance in this area, get in touch with one of our mortgage and insurance advisers in Hinckley.
Income Protection
What is it?
Income protection is designed to pay out a steady income should you have an accident or serious illness that prevents you from working. These plans will continue to pay out until you get back to work or until the policy ends which is normally at retirement.
Who Is it For?
Anyone who is employed and self-employed can apply for income protection. It is a great way to safeguard additional policies and protection plans without regular earnings.
What If My Employers Provide Sick Pay?
Most employers do not offer a sick pay policy should the employee’s sickness last longer than a year. Therefore, having income protection can be vital in securing other protection plans and covering future outgoings.
At Marc Catry, we offer independent financial advice to help you in finding the best income protection plan for you.
Short Term Income Protection
Also known as Payment Protection Insurance, this kind of protection can offer assistance should you lose your regular income. For unbiased advice about insurance and income protection visit www.moneyadviceservice.org.uk
Mortgage Payment Protection
What is it?
Otherwise known as Accidents, Sickness and Unemployment Cover (ASU), Mortgage Payment Protection will make sure that you keep up with your mortgage repayments should you have a serious accident, contract a serious illness or lose your regular income.
Generally speaking, this protection tends to last around two years. If you are looking for a protection policy to cover you for a longer timeframe, Income Protection Insurance is normally a better choice.
Mortgage Payment Protection is non-compulsory and not legally required. So those looking to decrease costs should check their Life Assurance and Income Protection plans to see if Mortgage Payment Protection has been added.
It was found that many Mortgage Payment Protection policies were mis-sold in the past, and this generated some news coverage. However, for some people, the policy can still be the right one.
Who Is it For?
Mortgage Payment Protection is designed for those who worry about paying mortgage payments in the future should they lose a regular income as a result of an accident, an illness or unemployment.
It is crucial that you take independence financial advice when looking at your potential options, as what you think is the cheapest or best plan for you, may not be the case upon closer inspection of the plan.
Pop in for a chat about mortgage and insurance with your friendly independent adviser in Hinckley.
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