Life can sometimes take an unexpected turn for the worst and that’s what protection insurance is for. Whether you need time off because of injury or illness, or if the very worst happens, protection insurance offers a financial safety net for you or your dependents.

Choosing the right type of protection insurance might seem confusing. We’re here to help in future-proofing your life, manufacturing and constructing your safety nets for maximum peace of mind.

What is protection insurance?

Protection Insurance is an umbrella term for the types of insurance that provide cover for you and your dependents in the event of your death or illness, such as life insurance and income protection.

How much does insurance cost?

Premiums vary depending on the type of protection you choose and factors including your age, occupation and your lifestyle. But premiums vary by insurer too so it’s important to shop around.

Life Insurance

We might not like to think about the worst happening but by putting life insurance in place you could offer a financial safety net for those left behind in the event of your death. This may be your family but it could be other financial dependents like business partners.

So what is life insurance? Life insurance usually pays out a tax-free lump sum in the event of your death, however with some policies it will be paid out at fixed monthly or quarterly intervals until the policy expires. Putting life insurance in place gives you peace of mind, knowing your dependents will be looked after financially, even when you are no longer there.

And if you have life insurance in place to protect your family, it could make the difference between them being able to stay in the family home or having to sell it if they can’t afford the mortgage without your income.

There are different types of life insurance available, including director life insurance which is designed for those who have set up a limited company.

To find out more about what is life insurance is and how it could protect your loved ones, contact us today.

Income Protection Insurance

There are several schemes available to assist first time home buyers in securing a more affordable mortgage.

The ongoing cost of Income Protection Insurance is dictated by several factors: your age, your hobbies, your health and your lifestyle, as well as how dangerous your current job is. Overall, heavy manual workers like people who work in construction or labouring will have more expensive premiums than administrative workers or secretaries. Insurers will assess your job and the risks involved in it, and some may even come to different conclusions, which is why we always shop around the whole market to package the best possible deal for you.

So what is income protection insurance and what does income protection cover? Well it can give you a regular income if you can’t work because of illness or injury. It will usually pay out until the day you are ready to work again, until your chosen retirement age or the end of the plan. However short-term income protection policies which last for one or two years are available too.

And if you think you don’t need income protection insurance because you’re entitled to sick pay from your employer, find out how long you’ll be covered for because what if you’re off for six months or longer?

The cost of Income Protection Insurance will depend factors including your age, your health and your occupation. But it will vary by insurer and the level of cover you want too.

Mortgage Payment Protection Insurance

Mortgage payment protection insurance covers your mortgage payments for a fixed period, typically up to two years, if you are no longer getting a secure income. You can choose from three types of mortgage payment protection insurance: unemployment only, accident and sickness, and accident, sickness and unemployment.

And there are other options available. For example you may want the amount you receive to cover your bills as well as your mortgage payments. Or you may want to base the cover you receive on your salary instead. So contact us to find out more.

Insurance for Critical Illness

If you’re diagnosed with a serious illness that requires long periods off work it can have a big impact on your family finances. And that’s where insurance for critical illness can come to the rescue.

So what is critical illness cover? If you have critical illness cover you’ll receive a tax-free lump sum upon the diagnosis of certain illnesses. It’s up to you how you spend this money; you could use it to cover essential bills or spend some on a holiday. Like other types of protection insurance, the cost of critical illness cover will vary by factors including your age, health and occupation.

Insurance for critical illness covers specific medical conditions or injuries listed in the policy. So if you’re asking what illnesses are covered by critical illness insurance, it’s important to know this varies significantly between insurers. It may include critical illnesses like a stroke, a heart attack, certain types and stages of cancer and conditions such as multiple sclerosis.

When you’re looking for insurance for critical illness it’s a good idea to get expert advice. We’ll explain what different policies cover and help you find the right cover for you.

Speak to our specialist insurance advisors today!

Want to find out more about protection insurance? At The Mortgage Factory we’re ready and waiting to help – so contact our specialist team today! We always offer products from a choice of insurers.

We offer products from a choice of insurers, for insurance business.

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