Protection
Mortgage and personal protection are the foundation of any solid financial planning and ensuring that you have the right policies in place to suit your requirements is at the heart of our advice. Harbour Financial Solutions will help navigate you round the jargon and ensure that a tailor-made solution is offered to fit within your budget.
We offer many solutions to protect your family, your mortgage and debt, your lifestyle and also your income. In speaking with one of our advisers, we can support you with the right decisions, ensuring we provide you with the appropriate financial safety net to suit your personal needs.
Life cover is a policy which typically pays out a lump sum in the event of death. The proceeds of the life cover are normally used to repay debt or a mortgage, provide financial support for your family, or a combination of these scenarios. There are many variations of life cover available, from a decreasing policy, to level, to increasing and index linked cover.
The main purpose of life cover is to ensure that your loved ones are supported in the event of your death and to ensure that they are provided with financial security. Having life cover in place will ensure that the financial impact to your family upon your death will be minimised and you can provide financial peace of mind to your family’s future.
Critical illness cover is similarly structured to life cover and typically pays out a lump sum in the event of being diagnosed with a specified critical illness. Examples of critical illness could be a heart attack, cancer, or stroke, among others. There are many variations of critical illness cover available, from a decreasing policy, to level, to increasing and index linked cover.
In the event of being diagnosed with a critical illness your world can quickly turn upside down. Having a lump sum to support you with repaying debt, providing financial support to you or your family, or having a pot of money to pay for associated costs can be invaluable. For most, removing the financial burden by way of a financial injection into your household can help you with managing an extremely emotional, stressful and difficult time upon diagnosis of an illness.
You can also combine critical illness cover with life cover for an alternative and cost-effective solution. Our advisers can discuss with you when this may be suitable or appropriate to you and your loved ones.
Income protection is an individual protection policy that provides you with a regular income in the event of not being able to work due to accident or sickness. It replaces your income when you need it most and ensures that you are still able to pay your household bills, mortgage / rent, food etc and provides a safety net in the event of being unable to work due to illness.
Whilst some employers offer sick pay, this is often limited to a short period of time. Ensuring that you have an income to support you financially provides you with peace of mind that you can maintain your monthly commitments and support your lifestyle until you have fully recovered and able to return to work, or until you retire.
There are many variations of income protection. We can offer long term cover until retirement or a specified age, as well as short term plans that pay for typically 1-5 years, offering an income benefit that is level, or index linked, and various ‘deferred periods’ to suit employers sick pay or your emergency savings pot. These policies are not just specific to the employed but can be offered to self-employed too. It is vitally important to receive advice on these policies to ensure they meet your requirements and are tailor-made to suit you.
Family Income Benefit is a form of life insurance that is designed to provide the family with a monthly income in the event of death, rather than a lump sum payment. These policies are very popular with families who have young children for example, or whose lifestyle would be impacted on a day-to-day basis in the event of the death of a family member.
They are often a low-cost solution but offer a huge impact on family life, particularly if the mortgage is also repaid from the proceeds of a mortgage protection life cover policy. The monthly payment is provided as tax-free income until the end of the chosen term and can also be offered as a level income or index linked.
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There are many variations to the brief description of policies provided here and it is important to ensure any protection policy suits your personal situation and, most importantly, will pay out when you need it to. Most policies can also be offered on a joint basis (with the exception of income protection) and can be offered with inflation linked cover, decreasing cover or level cover. Most providers offer various solutions and ‘add-ons’ such as fracture cover, global treatment, remote GP services etc and these can all be considered as part of our bespoke service.
If you aren’t sure what cover you need, or what cover is appropriate to you or your family, please get in touch and our experienced advisers can talk through your situation and help find you a solution to provide you with peace of mind for the future.
