Sunday, 15 January 2017

Let Us provide you with your critical illness cover

As an Independent Mortgage Broker, we are not only mortgage specialists, but we can also access the whole market for your insurance protection needs too.

Many banks and building societies and estate agents are “tied” to one insurer, and therefore cannot compete with an Independent specialist like us on cost or benefits as they only offer one product. This is a complex area and, in our view, is sometimes a more important decision than the mortgage. Whereas a mortgage deal may only last two or three years, the right protection could last the whole term!

We therefore always have a free face to face consultation with you and one of our experienced advisers to discuss your individual requirements to help us with our personal recommendations.
We have listed below a brief description of some of the many types of protection currently available, which may help narrow down your choices. Please feel free to call us and we will arrange an appointment with you at home, in your office or at our offices in Henleaze or Topsham.

What is critical illness cover?
Critical illness insurance will pay out if you get one of a number of a 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.
Most policies will also consider permanent disabilities as a result of injury or illness. A critical illness policy 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.

What is not covered?
Some serious illnesses might not be covered, for example, some cancers and conditions not listed in the policy. You probably won’t be covered for health problems you knew you had before you took out the insurance, and this type of insurance does not pay out if you die. What’s covered and what’s not, will be set out in the policy details so make sure you’re fully aware of them and that they cover your needs. We guide you through all the considerations to find the right policy to meet your needs.

Do you need critical illness cover?
State benefits might not be enough to replace your income if something goes wrong. If you’re eligible, welfare benefits range from around £70 a week to just over £100 a week, depending on your circumstances (i.e. whether or not you have children, a certain level of savings, or if your partner works).

Critical illness cover could be considered if:
·       you do not have savings to tide you over if become seriously ill or disabled
·       you do not have an employee benefits package to cover a longer time off work due to sickness

Who does not need it?
You might not need it if:
·       you have enough savings to fall back on and can adequately cover expenses such as bills, loans, medical costs or a mortgage.
·       you have a partner who can cover living costs and any shared commitments, like a mortgage
·       You might already have some cover included in other products or work benefits.

How much does it cost?
Your monthly payments will depend on a number of factors, including:
·       age
·       whether you smoke or have previously smoked
·       health (your current health, your weight, your family medical history)
·       job (some occupations carry a higher risk than others and may mean you have to pay more each month)
·       the amount of cover you take out

For more information about anything relating to your house purchase or move, your mortgage or protection or insurance, please get in touch  
Call: Bristol office 0117 325 1511 or Exeter office 01392 690 888
Please visit the protection pages on our websites for more information

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