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We can advise you on many different types of Insurance Protection including:
- Income Protection.
- Accident, Sickness & Unemployment Protection (ASU).
- Life Insurance.
- Mortgage Protection.
- Health Insurance.
- Travel Insurance.
- Critical Illness Insurance.
Mortgage Protection
Making sure you can meet your mortgage commitment whatever happens.
Most lenders will insist that you take out some life cover to pay off your mortgage if you die before the mortgage has been repaid. But you should also consider protecting your mortgage in other situations.
Term Assurance
Fisher & Co Ltd also offer advice for two types of Term Assurance to cover your repayment mortgage in the event of your death.
The conventional single or joint life Mortgage Term Assurance Plan pays out a guaranteed lump sum if you die within the term of the plan.
With the Mortgage Decreasing Term Assurance Plan, the sum reduces at each plan anniversary throughout the term.
There are many variations and options available as standard through mortgage related policies including:
Guaranteed Insurability - allows you to increase your life cover without having to provide any further medical evidence (only available on Mortgage Term Assurance).
Critical Illness Cover - In some cases this can be added and is designed to pay out a lump sum should you suffer certain illnesses.
Waiver of Premium - Covers your premium payments in the event of long term ill health either through sickness or an accident.
Mortgage Payment Insurance
Mortgage Payment Insurance aims to pay you a monthly benefit to help with your mortgage payments if you are unable to work due to illness or accident. The benefit is paid after a period of sickness, which you select when the plan starts. The benefit is adjusted in line with changes in mortgage interest rates, but your premiums will remain level. In addition, you will not have to pay any premiums while you are receiving the benefit, and the benefit will continue until you return to work, you get to the end of your mortgage term, or your Mortgage Payment Insurance policy ends, whichever is first.
This type of policy provides peace of mind for you if you have a mortgage and want to try to ensure you can continue to make the payments even if you are unable to work due to sickness or disability.
Mortgage Critical Illness Cover
Built-in life protection or term assurance will cover the mortgage if you die, but what would happen if you were unable to work because of a critical illness? You might not be able to keep up with the payments. So, it's worth considering mortgage-linked Critical Illness Cover.
Our Mortgage Critical Illness Plan will provide a guaranteed lump sum that could be used to repay your mortgage if you are diagnosed as suffering from a specified critical illness or disability during the life of the Plan.
With Mortgage Decreasing Critical Illness Cover, the sum will reduce at each anniversary of the Plan. It is designed to provide cover as the outstanding capital reduces.
Call 01524 416872 for more information or a no obligation quote on any of our protection products - or complete the on-line Quote form.
Family Protection
Protecting Your Family
If you have a family, protecting their future financial security is a main priority but it needn't cost as much as you might think.
Fisher & Co Ltd have been helping to protect families for many years and we offer access to a wide range of products and services to suit you and your family including:
- Term Assurance
- Whole-of-Life cover
- Critical Illness cover
- Income Protection (permanent health insurance)
- Mortgage Protection
The Family Protection Plan
The Family Protection Plan is a simple, affordable way to help provide peace of mind for your family.
The plan pays out a fixed sum of money if you die during the term of the policy or are diagnosed as being terminally ill more than 18 months before the plan finishes.
You choose how long you want the cover to last - anywhere between 2 and 40 years - so, for instance, it can be linked to the time you hope your children will become financially independent.
You choose how much cover you want. If you're using the plan to help provide protection for your children, a recent survey showed that it could cost, on average, £90,000 to bring up children from birth to the age of 18.*
You choose the level of cover. The amount you pay depends on a number of factors such as your age, sex, state of health, and how long you want the cover to last.
And the amount of cover is guaranteed throughout the Plan. So, if you were to die before the end of your policy term, your Family Protection Plan will pay the full amount of cover you selected.
For policies under £150,000, for a small additional fee the money will be paid on diagnosis of a terminal illness, providing there is at least 18 months to go before the end of the Plan, and life expectancy is less than 12 months. This could help prevent you and your family struggling financially during a difficult time. This cover is free on policies over £150,000.
* Full written details of terms and conditions are available on request.
Protection Plans For Every Eventuality
Different Types Of Protection
Life Assurance
There are various types of Life Assurance available which allow you to choose the cover most appropriate to your needs. These are explained below: -
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.
Term Assurance has no surrender value when the policy ends or is stopped early. However, this does mean that the cost of this type of cover is low for the amount of life cover provided.
The main uses for Term Assurance include: -
- Protecting your family
- Protecting your mortgage
- Protecting your business
Decreasing Term Assurance
Like Level Term Assurance, with Decreasing Term Assurance you pay a fixed monthly premium, but instead of the life cover remaining level, it gradually reduces over the term of the policy. Again, a payout is made if death occurs before the end of the policy term.
It is most commonly used together with a repayment mortgage. 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.
Uses for Decreasing Term Assurance include: -
There are many variations and options available as standard with Level Term Assurance policies including: -
- Terminal Illness Cover - your level of cover will be paid out immediately if you become terminally ill and where life expectancy is less than 12 months and more than 18 months before the end of the term.
- Conversion - allows you to convert your policy into a savings plan, endowment plan or whole-of-life policy at any time before the end of the term - excluding Mortgage Decreasing Term Assurance, without the need for medical evidence.
- Guaranteed Insurability - allows you to increase your life cover without having to provide any further medical evidence - excluding Mortgage Decreasing Term Assurance. This may be subject to an increased premium.
- Critical Illness Cover - This can be added to Term Assurance and is designed to pay out the lump sum if you should suffer certain illnesses.
- Waiver - Covers your premium payments in the event of long term ill health either through sickness or an accident.
Whole of Life Plans
Whole-of-Life Plans do not run for a predetermined period of time, but as long as the premiums are maintained, continue until death. They pay out a lump sum on death, whenever it occurs - unlike term assurance, which only pays out if you die during a specified period.
Uses for whole-of-life plans include: -
- protecting your family
- protecting your wealth
- protecting your business
Because whole-of-life plans provide cover for life, they are mainly used to provide financial security for families when the term of cover needed is not known and are especially suited for Inheritance Tax planning.
There are many features and options available as standard with whole-of-life policies including:
- Guaranteed Insurability - allows you to increase your life cover without having to provide any further medical evidence. This may be subject to an increased premium.
- Critical Illness Cover - This can be added to your Whole-of-Life Plan and is designed to pay out the lump sum if you should suffer certain illnesses.
- Waiver - covers your premium payments in the event of long term ill health either through sickness or an accident.
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