Protection
Want cover to help protect your loved ones? Not sure which cover you need? Because the unexpected can happen, it's a good idea to have protection.
Buying life assurance is not to be done without serious reflection. Lots of factors need to be taken into consideration such as – what is the right level of cover and for how long should it last? It’s really worthwhile to discuss these questions with an Independent Financial Adviser (IFA).
Kent Insurance Services will give you fair analysis of the market, and assist you with your protection needs. This may include life assurance, critical illness cover, income protection, accident sickness and unemployment cover.
Not only do we aim to source the best rates for these various types of insurance, we endeavor to offer advice to you on the suitability of each category for your specific individual requirements. Please find below an explanation of some of the options open to you:
Level term Assurance
Level Term Assurance is the most basic type of life assurance. For fixed monthly payments, the amount of life cover (also known as the sum assured) is guaranteed for a fixed term. The lump sum is paid out if death occurs before the policy ends.
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Decreasing Term Assurance
With Decreasing Term Assurance (also known as Mortgage Protection Insurance) you pay a fixed monthly premium but, instead of the life cover remaining level, it gradually reduces over the term of the policy. It is most commonly used together with a repayment mortgage and the sum assured reduces broadly in line with the amount outstanding on the mortgage over the term. The reducing life cover means that the cost of this type of policy is lower than that of Level Term Assurance.
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Permanent Health Insurance
Permanent health insurance, known as income protection makes up income lost through illness, accident or disability. Rates vary according to the dangers associated with one’s job, age, state of health and gender but PHI is thought to be of particular value to the self employed who do not have an employer to continue paying their salary if they are unable to work.
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Critical Illness Insurance
Critical illness insurance, a critical illness policy pays out a lump sum if you are diagnosed with one of a number of specified 'critical' illnesses during the term of the policy. Many life insurance companies offer policies that cover you for both death and critical illness and will pay out the guaranteed benefit on the first event to happen.
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Loan Protection Insurance
Loan protection insurance covers the policyholder if they lose their income, through illness or accident. This type of policy will help with some or all loan repayments.
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Mortgage Payment Protection Insurance
Mortgage payment protection insurance is set up with a term specifically matching your mortgage term – say 25 years. The policyholder is covered for the term for the amount of their mortgage repayments as long as they keep on paying the premiums.
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Should I make a will?
If you have any assets, almost certainly. This is also something we can help you with. |
