Advice
Protecting your family, income, mortgage or business can be a daunting task. Daunting tasks are often forgotten about, overlooked or put off… “until tomorrow”. At Contact Insurance, we believe that protection is at the corner stone of financial planning and should be treated as such.
We are currently compiling articles, case-studies, guides and calculators that aim to answer some of the most commonly asked protections questions. If you have a question you would like us to answer, please don’t hesitate to get in touch.
Speaking to our advisers will determine what your protection needs are, they will be able to talk you through the options and make recommendations based on your current needs and circumstances – Speak to one of our trained advisers today, call 0800 328 5773.
Below is a list of examples of possible events in our lives that could determine what cover is needed and when.
You and your partner decide to have a baby?
Having a child means that you will be financially responsible for their wellbeing for the next 18 years or longer if they decide to go to University/Higher Education. It is important that you will have enough cover to maintain a standard of living you find adequate for your child, should anything happen to you or your partner.
This could involve taking out a Life Insurance policy that will pay for the mortgage or maybe you want to replace a lost salary in case you need to pay for childcare costs e.g. Family Income Benefit.
When you start a new job
This is a perfect opportunity to review your current cover. You may find that the benefits you received from your previous employer may no longer apply, especially if you are becoming self-employed. If you have decided to become self-employed this is an ideal time to think about how you would cope financially if you were unable to work through accident or sickness. In this instance an Income Protection policy would be a suitable solution should you become ill or have an accident.
If you run a small/medium business it is essential to cover yourself or other individuals that have an impact on the way your company performs against illness, injury or death with Key Man Protection.
If you have taken out a mortgage to buy a house
Buying a house can combine a mixture of feelings from excitement to a feeling of anxiety and stress, and is arguably the biggest financial commitment that most of us will ever have. It is also of great importance that should you become seriously ill, injured or die that your mortgage could be paid off. If you die a suitable solution to protect your mortgage would be to take out a Life Insurance policy, or if you become seriously ill a Critical Illness policy would provide adequate cover.
If you are planning to get married
If you are planning to get married or you are just simply buying a home with your partner, you will both need to think about how either of you would manage should one of your incomes become unavailable through serious illness or injury.
It is important to consider would either of you be able to continue to pay the mortgage, or if you decide to have children would your partner be able to work and look after the children.
- A Life Insurance policy would help repay any large debts you may have such as your mortgage in the event of death, or serious illness depending on which policy you choose. Similarly a Family Income Benefit plan would provide a monthly income to your partner and children if you suffer from a serious illness or die.
- If you or your partner are unable to work due to illness or involuntarily redundancy a income replacement policy such as Income Protection will provide a monthly income.
