With a wide range of protection services available, it can often be a challenge knowing which types of cover are best suited to your individual circumstances. That’s why we always take a personalised approach, helping you explore the options most relevant to your life, family, and future goals.
Whether you’re looking for life insurance, critical illness cover, or something more specialised, our dedicated mortgage director and protection specialist, Mark Chadwick, aims is to make the process as clear and simple as possible.
In this short blog, we break down the different protection services available and whether they could be the right fit for you.
Critical Illness Cover including Children’s Critical Illness Cover
Critical Illness cover can provide a lump-sum payment in the event of a diagnosis of a specified serious illness, such as cancer. Upon making a valid claim, you’ll receive a one-time, tax-free lump sum that you can use as needed. This type of protection can help cover medical costs, household bills and more during your recovery. If you take out critical illness cover, most places will also help you factor in cover for your children if required, so your entire family is protected.
Income Protection
Of all the personal protection products, this is the one you’re most likely to claim on and is designed to help you maintain financial stability if you’re unable to work due to illness or injury. Income protection will provide a monthly income of up to 60/70% of your gross salary until you are ready to return to work, meaning you will have a steady flow of income whilst you recover. You can link your income protection policy to any employer sick pay that you may receive so it’s specifically catered to your individual needs. You don’t just have to be employed to have income protection as there are plenty of options if you are self-employed as well. If you’re self-employed and off work due to an illness or accident, then an income protection policy can help you pay your mortgage/rent and other regular household bills while you focus on recovering.
Life Insurance
Life Insurance provides financial security for your loved ones in the event of your death. It pays out regular payments or a lump sum to help cover the costs of any bills or outstanding debts. This will help assist your family financially after your death if they rely on your income. There are several types of life insurance, but the two most common are term life insurance and whole-of-life insurance. Term life insurance provides cover for a fixed period, such as the length of your mortgage. Whole-of-life insurance, on the other hand, provides cover for your entire lifetime.
Relevant Life
This is a life insurance plan where individual policies are taken out by the employer for their employee. Relevant life insurance is a cost-effective life cover option for employers who want to provide death-in-service benefits for their employees. It is useful for those smaller companies who may not be able to offer full group protection schemes. With tailored advice to your business goals and needs, Relevant Life policy ensures payouts go directly to the chosen beneficiaries.
Key Person and Shareholder Protection Insurance
Key Person and Shareholder Protection insurance both protect your business in the case of an unexpected event but they have very different outcomes.
- Key Person insurance pays the business out in a lump sum if a key team member who drives the businesses profitability, such as a director, is unable to work due to illness, death or permanent disability.
- Shareholder Protection insurance gives the remaining shareholders the funds to buy back the deceased persons shares. It essentially protects the business from shares being sold or transferred to an external party, helping to keep ownership within the business and maintain stability.
Inheritance Protection Planning
Inheritance protection planning aims to help pass your wealth onto loved ones when you die, without being subjected to large amounts of Inheritance Tax. With the correct life insurance and Inheritance Tax planning you can ensure the maximum of your estate goes to your beneficiaries. Strategies may include trusts, gifting and life cover to ensure your loved ones get the maximum from your estate.
For more information on the new Inheritance Tax reform click here.
Which providers do PM+M use?
We work with a vast range of providers from the marketplace. By working with a range of different insurers you can be assured that we will offer flexibility, find the best price and policy for you, and ensure the best value for your money based on your individual circumstances.
Contact us
Finding a policy that’s right for you and your circumstances can be challenging. Our protection specialists can take care of the hard work, reviewing the market to find a provider, policy, and premium that fit your needs.
If you would like to learn more about any of the services we have listed above speak to our expert protection and mortgage director, Mark Chadwick, who can guide you through the process, scope the whole of the market and offer the right policy and premiums for your circumstances.
Contact Mark using the button below.
PM&M Mortgages Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.
Estate planning is not authorised by the Financial Conduct Authority.
The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.
