Protecting your family from financial hardship
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Have you thought about what impact it would have if your income were to stop?
How would this affect your and your family’s lifestyle?
Would your family be secure financially if you were to die or suffer a serious illness?
Do you know what your current arrangements would actually provide?
There are different types of insurance policies available to protect all those situations. Each policy is unique to each individual and their particular circumstances. It is designed to ease the financial burden that can arise from critical illness, the loss of a loved one or loss of income.
Vervene Financial Services Ltd offers advice on all those protection solutions and makes sure that they suit your needs.
We can review your existing arrangements to ensure they are still meeting your requirements and advise you on any options which may be available.
We specialise in giving advice based on your personal circumstances to ensure that both your and your family’s future is protected regardless of what the future may hold.
We provide expert advice in the following areas:
• Life Cover
• Critical Illness Cover
• Income Protection
• Mortgage Insurance
• Building and Content Insurance
• Accident, Sickness and Unemployment.
Life Assurance gives you the comfort of knowing that your loved ones will be provided for should you die.
There are many different ways to arrange life cover and we can help you find the most appropriate plan available, e.g.:
Level Term Insurance will give you the same amount of cover throughout the life of the policy and pay out that amount if you make a claim.
Decreasing Term Insurance will decrease over the term, usually to match the decreasing balance on a repayment mortgage, and pay out the current amount when a valid claim is made.
CRITICAL ILLNESS COVER
This cover pays out a lump sum if you suffer one of the illnesses specified under the policy terms and conditions, such as Cancer, Stroke, Multiple-Sclerosis, Heart Attack, Kidney Failure, Blindness, Deafness, Major Organ Transplant, Loss of Limbs, Total Permanen Disability and many more.
Life insurance is normally also included.
You can use the payout to pay off your mortgage, medical expenses or even go on holiday – it’s entirely up to you!
In most cases Critical Illness policies automatically include (without any additional cost) cover for children at approximately 50% of the sum assured to a maximum figure of around £25,000.
The terms and conditions can vary hugely between providers. This is certainly a product that requires advice from a qualified adviser.
Have you thought about what would happen to your mortgage if you died or became critically ill?
With a Mortgage Protection plan you can ensure that what remains of your mortgage will be paid so your loved ones will not be burdened.
In most cases it is a Decreasing Term Policy where a level of cover reduces over specified period of time and the sum assured is enough to cover your repayment mortgage which also decreases over times.
ACCIDENT, SICKNESS & UNEMPLOYMENT
A plan designed to cover your income if you suffer an accident, sickness or unemployment. It pays out a monthly benefit to help cover the loss of earnings e.g. to cover a mortgage or rent and the cost of living.
It will pay out for almost any illness or disability which prevents you from working. This is a short-term policy that pays out a benefit for a max. of 12 months. If you require a long-term policy you should think about Income Protection (which we also offer).
Unemployment cover will insure you against the event of involuntary redundancy. It will pay out a regular monthly income in the event that you are made redundant. It will continue to pay out for a maximum of 12 months or until you have found another job, whichever is the earlier.
You choose which benefits you want to include in your policy:
Full cover – Accident, Sickness and Unemployment
Accident and Sickness Cover, or
Unemployment Cover only
*ASU is for short term purpose only. If you require a policy which would cover you for a longer term you should consider an Income Protection Policy.
If you own your own home, you’ll need to have buildings cover just in case your home is damaged and needs a repair.
This type of cover is usually obligatory when you buy your home and take out a mortgage, you might need to have it before the funds are released for your mortgage.
It covers damage to your property up to the cost of rebuilding it completely. You can also include accidental damage which will cover you for the damage which you yourself might accidentally inflict upon your property.
All of your most treasured possessions are likely to be situated in your home, along with all of the practical goods you use for day to day living.
Contents insurance will protect these items inside the home providing replacements or cash for example, in the event of a burglary, flood or fire.
Accidental damage cover will protect them even if you break them yourself!
How would you pay for your regular outgoings if you were unable to work because of an accident or sickness?
Would you have enough savings to cover all your bills?
If not, you should think about Income Protection, a policy which pays a monthly benefit if you are off sick. It gives you income until you return to work, or until your retirement, depending on the severity of your sickness.
If you get company sick pay for example for 1 or 6 months, you can have a policy that will start after this time, to ensure your monthly premiums are kept at a minimum.
It is affordable and easy to arrange, and payments are currently tax-free under existing tax laws, making it an ideal solution to cover yourself and give your family peace of mind.
Tax planning is not regulated by the Financial Conduct Authority.