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Your new insurance is set up, and it’s time to pop the bubbly! Like all our 5-star customers, you are now financially protected should the worst happen.
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If you need any form of Insurance Advice, then make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
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There are a handful of reasons why we recommend getting a Life Insurance policy; our team of experts have worked in the industry for many years, and we believe some of the following reasons are the most important;
You have dependants
A partner who relies on your income to pay bills
Family living in your home where you pay the mortgage
To cover funeral expense
People are financially dependent on you
We make sure all of our clients understand that even when you pass, your family are left behind and may need support. Getting Life Insurance provides a lifeboat for the people who depend on you when they need it most.
Different policies cover different aspects of critical illness, but most of the major illnesses are covered by every insurer. Here at Protex Financial, we have put together a list of the top 10 Critical Illnesses we cover, and these are as follows;
Cancer
Heart attack
Multiple Sclerosis
Stroke
Alzheimer’s
Dementia
Paralysis
Loss of limbs
Parkinson’s disease
We do also offer Critical Illness Cover for other illnesses, but these are the ones we find are the most common. We are always happy to discuss the condition you or your family member has been diagnosed with and figure out a Critical Illness Cover to suit your specific needs. We do not want any clients left stuck when the time comes that you need help.
Income Protection policies are designed to provide you with an income if you cannot work due to illness, accident or disability. Have you ever sat and thought about what you would do if you could not work? If your income was reduced drastically, could you afford to pay your bills, mortgage and afford food? Could you survive on statutory sick pay? If the answer to those questions is no, why haven’t you already sourced Income Protection?
More often than not, if you are unable to work and have already got Income Protection, a successful claim would pay out a monthly tax-free income. This will continue until you recover, retire, pass away, or the policy ends. One of the main things to note about Income Protection cover is, that it does not usually cover you against redundancies.
The maximum cover you can have is usually between 50%-70% of your current income, depending on the provider. However, as the benefit is paid tax-free, this may represent a higher percentage of your net income. By choosing to use Protex Financial as your Income Protection advisor, you are choosing a team that cares, and we will always have your best interests at the front of our minds. Let us help you get an Income Protection policy that works for you.
In the UK, we’re lucky to have the NHS, but the waiting list to be seen is growing and growing, and there’s an ever-growing backlog, which ultimately will take years to clear.
According to the December 2023 stats from the BMA…
Around 7.20 million people are waiting for treatment
A record high of 3.1 million of these patients waiting over 18 weeks
406,035 of these patients waiting over a year for treatment
Private healthcare is designed to complement the NHS, but with the NHS under strain, more and more people are turning to private healthcare. Taking out private medical insurance will cut the NHS wait times and not have to fork out a massive sum for private treatment.
Family Income Benefit (FIB) is a life insurance policy created to provide financial help for families when the policyholder dies. It offers income on a regular basis which is tax free over a fixed period instead of paying out one lump sum like traditional life insurance policies.
The main points about Family Income Benefit are:
Regular income payments: If the policyholder dies within the term then the insurer will pay monthly or annual incomes to beneficiaries until what would have been expiry date of that policy. This includes covering bills, groceries and school fees so as not to disrupt their living standards.
Term length: Policyholders can choose how long they want this type of cover for, typically between 10 years up until 25 years depending on what their needs are as a family. Usually it coincides with either children becoming financially independent or other major financial commitments being met.
Cost-effective: These policies may be cheaper than other types because its potential payout decreases over time; lower premiums henceforth.
Flexibility: You can adjust various aspects of this plan to suit your unique situation such as number months paid out or number years covered among others thus ensuring that it meets all their monetary needs.
Family Income Benefit works well for those starting off with young children who still rely on them financially as well anyone having significant ongoing expenditure obligations.
A whole of life insurance policy, also known as a permanent life insurance policy, covers the entire life of the insured person, provided that the premiums are paid. Unlike term life insurance, which expires after a specific period, whole life insurance never expires and guarantees beneficiaries a payout in case of the policyholder’s death. This kind of assurance combines a death benefit with a savings element called cash value, which accumulates over time on a tax-deferred basis. The cash value may be borrowed against or withdrawn by the policy owner, hence serving as a financial resource throughout their lifetime.
Premiums for whole-life policies tend to be higher than those for term ones because they provide lifelong coverage and have cash values built into them. However, these rates usually remain constant regardless of age or health changes. Whole-of-life cover can be particularly useful for estate planning since it helps to pay inheritance taxes and secures loved ones financially. It is also good for people who want lifetime security plus an opportunity to save more money over time.
Building insurance is the protection of the foundations of your home. Bricks and mortar of your home. This type of home insurance usually follows outdoor buildings such as garages, sheds and greenhouses that could be covered. Fences, walls and gates probably won’t be covered in this type of policy. You can take it out on its own or as part of a combined buildings and contents insurance policy. Suppose you’re going to get buildings insurance. In that case, it’s usually required that you take out buildings insurance before you move into your new home.
Now that you have the building covered, what about the items that live within your home? Items covered by contents insurance range from carpets and curtains to clothes and shoes. You should be protected against burglary, and your stuff is damaged by fire or water. Accidental damage cover can also be added to your policy. You can also add individual items to your policy, such as high-value items like jewellery, bikes, gadgets and so on.
Why Use Protex Financial For Insurance Advice?
Here at Protex Financial, we strive to focus only on you. This is why we can offer the best range of insurance advice with access to thousands of products the insurance market offers. Our insurance brokers can search thousands of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you the leading and most suitable insurance options, rates, and insurance advice.
Frequently Asked Questions
If you become ill or injured and can’t work, income protection insurance pays a monthly amount which lasts until you recover or retire. It saves your usual lifestyle and necessary payments until you get better and go back to work or the policy finishes.
Main Characteristics of Income Security Insurance:
Continuous income payments
Advantage: This provides you with a monthly payment equivalent to 50% to 70% of your pre-tax earnings if you are unable to work because of ill-health.
Term: As per the policy terms, payments may be made until retirement or until you return back to work or for a specific number of years.
Flexibility in coverage
Duration of Policy: You can choose between short-term policies that offer benefits for few years and long-term ones that continue till the age at which people generally retire.
Waiting Period: The period before which benefits start is called deferred period. It can be modified from 4 weeks up to 52 weeks where longer waiting periods usually have lower premiums.
Wide-ranging Cover
Injury and Sickness: It covers wide range of medical conditions and injuries that prevent any person from working rather than only specific illnesses.
Based on Occupation: Some policies cover inability to do your own job while others may require being unable perform any work matching skills and experience levels.
Tax-free Advantages
Taxation Treatment: Many times, incomes received as a result of this type insurance are exempted from tax thus providing more financial relief during incapacity.
Mortgage protection, is a type of life insurance policy designed to pay off your mortgage in the event of your death during the term of the mortgage. This ensures that your family can remain in their home without the financial burden of mortgage repayments after your passing. As well as life insurance, mortgage protection insurance can also be made up with critical illness cover attached too, providing a lump sum if you are diagnosed with a specified serious illness, helping to cover mortgage payments during your recovery.
There also two types of of Mortgage protection…
Decreasing Term: The payout decreases over time in line with your reducing mortgage balance.
Level Term: The payout remains the same throughout the policy term, providing a fixed sum that can cover interest-only mortgages or leave additional funds for your family.
An insurance advisor is someone who can give professional advice about different types of insurance. Your advisor will help in choosing the right policy among many options and explain why it would suit the your needs better than others. We have a wide range of knowledge about available policies, so we know which ones are suitable for specific situations. Also, as specialists, we work with numerous companies which means that their recommendations are not biased towards any particular firm but grounded on what will benefit our client most at a desired price.
Yes, that’s true. Many policies can be modified to take into account new events in your life, for example marriage, children birth or purchase of a house. You should check them from time to time just to make sure they still fit your requirements.
How much coverage you require will be based on some factors which may include the sum of your income, debts, and living expenses as well as future financial objectives. Our consultants can assist in finding out what kind of policy is necessary so that those close to you are not left high and dry when something bad happens.
To make sure against the unforeseen events, insurance is vital for financial stability and peace of mind. Below are four main reasons why insurance is important:
Income Replacement: Insurance policies can replace lost income due to disability or death so that your family can sustain their lifestyle and meet financial commitments.
Protection Against Financial Loss: Insurance covers huge costs related with sudden happenings like accidents, sickness or injury preventing such expenditures from eroding away at ones savings and assets.
Peace of Mind: Having coverage means living with less anxiety about what those unknowns will cost financially which then frees up energy during tough periods towards recovery and overall health improvement.
Security for Loved Ones: If anything happens to you, insurance assures that your family members are well taken care of financially enabling them handle life without being burdened by lack of money.
Essential Expenses Medical Bills Covered: Health insurance pays for medical treatment fees including drugs, hospitalisation among others so that people can access these services without worrying much about paying for them later on when they get sick or injured.
Daily Living Costs: There exist policies such as income protection or family income benefit which ensure that even if one cannot work due to disability all regular needs like groceries as well utilities plus mortgage payments are met throughout this period.
Long-Term Financial Planning Wealth Preservation: Insurance helps in preserving ones riches meant for future use because it shields them against unexpected occurrences where large amounts might be required hence eating into retirement savings or inheritance left behind by someone else who passed before their time was up.
Estate Planning: Life cover forms an integral part of estate planning process since it provides money needed to clear estate tax liabilities while also ensuring that beneficiaries receive full amount without any delays caused by creditors seeking payment before giving out such benefits finally .
In conclusion, it is necessary since it guarantees financial security; offers peace-of-mind; caters for basic needs and supports long-term planning thereby ensuring stability for all involved parties.
Family protection is a broad term encompassing various types of insurance policies designed to provide financial security to your family in the event of your death, illness, or inability to work. These policies aim to ensure that your loved ones are financially protected and can maintain their standard of living, even during challenging times. These type of policies include life insurance, critical illness cover, income protection, home insurance, private medical care and more.
Main Types of Protection Insurance for Families..
Life Insurance
Goal: It pays your beneficiaries a lump sum if you die during the policy term.
Advantages: It can be used to meet domestic needs, settle debts as well as provide financial security for your dependents.
Critical Illness Cover
Goal: This kind of policy pays out a lump sum on diagnosis of certain severe illnesses like cancer, heart attack or stroke.
Benefits: Provides money to pay medical bills, fund rehabilitation services and help with necessary changes in lifestyle or home environment.
Income Protection
Goal: It offers regular income when illness or injury makes working impossible.
Benefits: Allows you to meet essential living expenses and keep up with your family’s standard of living while recovering.
Picking the proper policy relies on your own situation, financial position and objectives for the future. Our advisors are going to evaluate what you require and advise which policies would be best for you taking into account variables like coverage sum, term duration as well as other perks.
Yes, you can get insurance even if you have pre-existing medical conditions, although there are many things to think about and steps that you may need to take:
Life Insurance:
Underwriting Process: Insurers evaluate your health by underwriting which can involve filling out a medical questionnaire or even taking a medical examination; the amount charged as premium and extent of coverage available being based on severity and type of disease identified during this stage.
Possible Outcomes: Depending on what kind of illness someone has got they might be subjected to pay more money each month than healthy individuals would or they could be barred from benefits altogether; still many companies offer policies specifically designed for people with bad health.
Health Cover:
Pre-Existing Conditions – In most countries it is illegal for an insurer not to cover someone because of their previous illnesses but in places where those laws don’t exist such individuals may face higher monthly costs or may be excluded from certain types of treatment
Waiting Periods- Some policies may have a waiting period before they cover pre-existing conditions.
The cost of insurance varies widely depending on several factors, including the type of insurance, the level of coverage, personal circumstances, and the insurance provider. Here’s a breakdown of the factors that influence the cost of different types of insurance:
Life Insurance: Generally, life insurance costs are based on the sum assured, policy term, and whether it’s term life or whole life insurance.
Private Health Care: Costs depend on the coverage level, age, health condition, and whether the policy includes additional benefits like dental or optical cover.
Critical Illness Insurance: Premiums are influenced by the number and types of illnesses covered, your age, and health status.
Income Protection Insurance: Costs vary based on the percentage of income covered, the deferred period before payments start, and the policy term.
Personal Factors
Age: Younger individuals typically pay lower premiums as they are considered lower risk.
Health: Pre-existing medical conditions, smoking status, and overall health can significantly impact premiums.
Occupation: Jobs with higher risk of injury or illness can lead to higher premiums.
Lifestyle: Hobbies and lifestyle choices, such as extreme sports or smoking, can increase insurance costs.
Policy Details
Coverage Amount: Higher coverage amounts result in higher premiums.
Policy Term: Longer policy terms generally increase the total cost.
Additional Benefits: Riders or add-ons, such as critical illness cover or waiver of premium, add to the cost.
Deferred Period: For income protection, a shorter deferred period before benefits start can lead to higher premiums.
Market Factors:
Provider: Different providers have varying pricing models and risk assessments.
Yes, your business can pay for certain types of personal insurance, but there are important considerations regarding the types of insurance, tax implications, and benefits involved. Check our business protection page for more information.