Everyone should have insurance cover. The question we all ask is how much do we need and can we afford it? The real answer is we can't not afford to have it.

There is a range of insurances that should be considered.


Home and contents

As your home is normally the biggest investment you ever make it makes sense to protect it by insuring against fire, flood, break-in, burst pipes and all the other events that could either destroy or damage your home or result in you losing some or all of the contents.

You will certainly want both building and contents insurance if you own a property and home contents insurance if you rent one.


Life insurance

Term assurance, usually referred to as Life insurance will provide a lump sum or regular payments in the event of death during a specific period, usually for the mortgage term but sometimes shorter. These are not investment policies; they only pay out in the event of death and as a result are significantly less expensive than investment insurance policies. A homeowner should not be without such insurance if they provide the income by which the mortgage is repaid.


Critical Illness Cover

As the term implies, this type of insurance policy pays out not on death, but in the event that the policyholder contracts a particular illness. Guidance is essential as policy conditions, illness definitions and survival conditions vary considerably from company to company.

ASU (income protection insurance)

Income protection insurance is taken out against the payment of a debt, i.e. it covers your repayments (whether it is a loan or a credit card debt) in the event that you lose your income due to accident, sickness and unemployment. In the UK more than two million people aged between 20 and 64 years of age have been off work for a period of more than six months. In such circumstances, income protection insurance can provide valuable peace of mind and offer security at times when money may otherwise be tight.

PHI (permanent health insurance)
Long-term illness is something we prefer not to think about but official figures show that every year more than 670,000 men aged between 40 and 64 are absent from work for more than six months because of it. Many suffer financial hardship as a result and the state offers only minimal help. Eligibility for incapacity benefit is strict. After 28 weeks of illness claimants must undergo a test checking their ability to carry out a range of work-related activities such as walking, sitting and using stairs. Even if they qualify, benefits are not generous and they are taxable.
PHI may be the answer. PHI is also known as income replacement insurance, long-term disability insurance, disability income insurance or personal disability insurance. It pays a regular income designed to protect your standard of living if you suffer long-term sickness or injury. Benefit usually are payable until you return to work, die or the policy term expires, whichever happens first.
It's called permanent because the insurer may not cancel the policy no matter how often you claim for benefit.

On all of the above we can advise you. Contact us for more information.