Family & Foundations – Protection

Safeguard your financial future against life’s rollercoasters is wise!

Having protection policies in place and reviewing them regularly will give you peace of mind knowing that you and your dependents will remain financially secure in the event of loss of income, death or serious illness.

The types of protection policies available include:

Mortgage Protection
Life Insurance
Income Protection
Specified Illness

MORTGAGE PROTECTION

A Mortgage Protection policy is a type of Life Insurance.

Lenders will require that you have this policy in place before your mortgage can commence.

A Mortgage Protection policy helps to pay off the remaining outstanding balance on your home to the lender, in the event of your death.

With a decreasing-term protection plan, as the outstanding balance on your mortgage decreases so does the level of cover.

A level-term mortgage protection plan allows the level of cover to remain the same over the term of the policy. In the event of your death during the term of the policy, the cover can be used to help pay off the remaining balance on your mortgage to the mortgage lender and any remainder will be paid to your beneficiaries.

There are three types of mortgage protection cover available – single life, dual life and joint life cover

Even though Mortgage lenders offer such policies, you aren’t obliged to buy it directly from them.

Speak with us and we will find you a competitive quote across the various Life Offices with whom we hold an agency.

LIFE INSURANCE

A Life Insurance policy makes a one-off lump sum payment to your family or designated beneficiaries in the event of your death.

A term life insurance policy pays out a lump sum should you die during the term you have chosen your plan to be in place for. If you die after the policy has ended your beneficiaries will not receive any payment.

A whole of life insurance policy on the other hand lasts until you die, at which time your beneficiaries will receive a lump sum payment.

The lump sum paid out from a life insurance policy will help ensure that your loved ones are financially secure on your demise, enabling them to replace lost income, pay bills or put some money aside as a nest egg.

Why not speak with us about securing your family’s future for when you’re no longer around to support them.

INCOME PROTECTION

Having an income protection policy in place will ensure that if you become unable to work due to either serious injury or illness, a percentage of your wages will be paid out to you so that you can continue paying everyday cost that arise over this time.

The level of cover required is calculated as 75% of your salary less any State Benefits.

The earliest payments can start depends on the deferred period chosen by you, starting from 4 weeks up to 52 weeks.

The claim will pay out until either you return to work or the end of the policy.

Speak with us about securing this stream of income for you and your family.

SPECIFIED ILLNESS

A specified illness policy does not pay out in the event of accident or injury, but rather upon diagnosis of an illness covered by your policy.

A specified illness plan can also be referred to as a serious illness or critical illness policy.

The level of cover required together with a number of factors including age, health status, smoker status etc. will determine the premium payable.

Having a specified illness protection policy in place gives you some financial stability while you focus on your recovery.