You don’t like it, hopefully never need to use it, but have to have it… Insurance! Here at Smith Cooper, we can provide a full suite of tailored Insurance and Protection services, to help you be prepared for the day you hope never comes.
Life cover is payable on death during the term of the contract agreed. Life cover can be used in many ways. It can be used to repay any outstanding debt on your mortgage or by making sure your loved ones are looked after you have gone.
If you have a Capital and Interest Mortgage, you can have Decreasing Life Cover which will reduce alongside the mortgage. This will then repay any outstanding mortgage debt at the time of death. This can also reduce your premiums.
If you have an Interest Only Mortgage, you may choose to have a Level Term policy as you always owe the same balance of debt on your mortgage throughout the term.
If you have children, you may want to think about additional cover if you were not here. You can have Life cover for Family to pay out as a lump sum or as a monthly benefit on death. The best way to work out how much you think you would require, is to work out how much they think they cost you a month up until you hope they would be self sufficient financially.
You can add on additional covers to the Life Cover policy, for example Critical Illness cover or Serious Illness Cover.
We recommend that all Life Cover Policies are written in Trust. By putting your policy in Trust it can help your loved ones avoid probate, make sure it is left the person you wish to benefit, avoid inheritance tax and even pay out quicker.
Do you know that if you have a Limited Company we can save you up to 49% on your monthly premiums?
A Critical Illness policy can be used to pay out as a lump sum or a monthly benefit on diagnosis of a specified critical illness.
Everyone knows someone who may have had Cancer, Stroke, Heart Attack etc.. Unfortunately we are likely to get a Critical Illness before we die. This could also be at a very premature age, which means we may have to take time off work or stop working altogether. This could leave you with a mortgage and a family to pay for.
Dependent on your work, some receive sick pay from work or would have to rely on state benefits. In most cases, state benefits is not enough to keep up the repayments on your mortgage or put food on the table.
Critical Illness to Protect your Mortgage
Same as Life Cover, if you have a Capital and Interest mortgage, you can have Critical Illness Cover as a decreasing policy that would run alongside your mortgage and repay any outstanding debt at the time of claim of a specified Critical Illness.
You can also have the policy as a level term policy if you have an Interest Only Mortgage.
All Critical Illness’s are specified by the particular insurance provider you have your policy with.
Family Protection for Critical Illness
Critical Illness can also be taken to pay out to give additional cover to pay for costs of bringing up children or having extra income.
Additional critical illness can be used to help you cover the potential costs of medical care and treatment, at home or abroad or to adapt your home in the event of critical illness or disability.
Income Cover for Sickness
Income protection will pay out a monthly benefit if you are unable to work as a result of sickness or accident. Payments will commence ** months after you make a claim which ties in with the benefits you already receive. For example Sick pay from work This policy will then continue to pay you this amount until you are able to return to work, you retire / the end of your mortgage or you die, whichever happens soonest.
Income Protection polices are tailored to suit your needs. For example, if you receive 4 weeks sick pay from work the policy will have a deferment of 4 weeks before it pays out as you already receive your benefit from work. Dependent on providers, most offer deferment periods of 4, 8, 13, 26, 52 weeks.