Do you have a plan B?Samer Belal
Buying a house is a really exciting step to take. But we wouldn’t be doing our job if we didn’t help our customers find the right protection for what is often the biggest financial commitment they will ever make. If something were to happen to you, you’d want to know your family’s future was secure. Do you know how you would pay for your mortgage and bills if you found you were unable to work?
With various types of protection policies available, it can be difficult to figure out which you might need. Here are the four main ones:
- Critical illness: pays out a lump sum upon diagnosis of a specific illness, such as cancer, heart attack or stroke, during the term of the policy.
- Income protection: pays you a regular income if you’re unable to work due to illness or injury, until you can return to work.
- Family income benefit: insurance that pays a tax-free income rather than a lump sum in the event of your death. This income is paid until the policy term finishes. Family life insurance often appeals to people who want their loved ones to have a regular income rather than a lump sum when they die.
- Life insurance: pays out a lump sum when you die so that your loved ones won’t struggle financially in the event of your death.
There are several different types available for all of the protection options listed above, and the right one for you will depend on your individual circumstances.
When considering a major and complex decision, you must seek professional advice, so they can assess your unique personal circumstances because there are so many options out there, with so many different types of cover that can vary from one insurance company to another. It is essential to seek the right advice; At REMOUK, we offer fee-free expert advice on mortgages and protection to our clients across the UK, and everything we do is regulated by the Financial Conduct Authority (FCA). If you would like to know more about anything mentioned above, please visit us online at www.remouk.co.uk where you can find lots of useful information.
Alternatively, if you would like to talk to us about your protection needs, call us now on 0113 873 0113.
Thanks for reading. We’ll be back soon with more tips and advice.
These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document, if you go ahead with the plan.