Why do I need protection?
Planning for the future to protect you and your family
An Income Protection Policy is one of the most important insurances that you can consider, as without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills? Could you survive on State Benefit alone?
An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. You can choose between plans that have a cover term of 1, 2 , 5 years or full income protection to retirement. Upon a successful claim the plan would pay out a monthly tax-free income after a specified deferment period, for your chosen term, helping you recover and return.
Life Insurance policies pay out if you die within a specified period. This is usually the cheapest way to provide financial protection for your family in the event of your death.
Coming to terms with the loss of a loved one is never an easy thing to do and adding financial burden to the grief can make coping increasingly difficult. Life insurance on its own is a relatively cheap way to overcome this problem and receiving a lump sum of money can help to support your family or even a business partner after you die. Some of the reasons to take out life insurance could include:
- Repaying the mortgage or any lending commitments
- Providing additional cover to protect the family
- Provide cover for education expenses
Whatever the reason it is important to ensure your family can maintain the standard of living to which they were accustomed.
Critical Illness Cover
Critical Illness cover pays out a lump sum on the diagnosis of a critical illness as defined by the provider. These may include such conditions as a Heart Attack, Stroke or various forms of Cancer.
A critical illness policy pays out a lump sum should you be diagnosed with a serious illness that may prevent you from working again. This would ensure that any financial commitments could be repaid, or it could help fund the cost of specialist treatment or drugs to help the condition. For single people with no dependants, critical illness cover that pays off the mortgage is more important than having life cover, as it means you have fewer bills or a lump sum to play with if you are very unwell. It is also advisable if you are part of a couple as it will provide a welcome financial boost at a time of emotional stress and financial hardship. The majority of critical illness providers will also include children’s critical illness cover at no additional cost to provide additional cover for all of the family.
IMS - Insurance and Mortgage Services Ltd is authorised and regulated by the Financial Conduct Authority. FCA Registration number 300993
Registered Address Applegarth, The Reddings, Cheltenham, GL51 6RL
Registered in England & Wales No: 4496808
The guidance and advice contained within this website is subject to the regulatory regime and is therefore primarily targeted at consumers based in the UK
Your home may be repossessed if you do not keep up repayments on your mortgage