Protection
Why get protection?
Purchasing your home is probably the biggest financial commitment you will ever make. As with every important asset its essential to have a safeguard. As we all know, sometimes things can go wrong, If this is death or illness it can be devastating, but with the right protection and safety net in place, you and your family can eliminate the stress of finance which is linked to these tragic events.
None of us know what life may bring, so we should ensure that we put effective plans in place in the event of the worst-case scenario. Having the right cover in place could be the difference between being able to pay the mortgage and losing your home.
Here at Propel we know that it is imperative for the correct policy for a stable financial future. Poorly advised policies can be disastrous when you need them the most!
Types of Protection
Life Insurance
Life Insurance can help give your family financial protection should you pass away or be diagnosed with terminal illness within the policy term. Life insurance pays a tax free lump sum which can be used how your family feels best suited. Typically life insurance is used to clear the outstanding mortgage balance.
Income Protection
Income protection pays you a tax free regular income If you are unable to work due to illness or injury. You receive the tax free payment until you are able to return to work or the policy term finishes. Regardless of whether you are employed or self employed you will receive a payment of around 60% of your monthly income bonus any funds received in state benefits. This insurance allows you to focus on getting better rather than worrying about how you are going to pay your bills each month.
Critical Illness Cover
Critical illness cover pays you a tax free lump sum upon diagnosis of a critical illness. The likelihood is that you or someone you know will be diagnosed with a critical illness! If this happens to you during your mortgage term, there could be serious financial implications. Critical illness cover is designed to alleviate your financial concerns and allows you to concentrate on getting better. A whole range of illnesses are covered by the policies however these can vary for each provider, so it is important that we find the most appropriate policy for your circumstances.
Family Income Benefit
Family income benefit, like life insurance covers you should you pass away. It pays a guaranteed tax free amount each month to your loved ones for the rest of the mortgage term. This can help ensure that your family receive a continuous stream of income to help maintain their lifestyle in your absence. Having family income benefit protection in place can help put your mind at rest as it provides an ongoing monthly payment rather than a one off lump sum (as is the case for life insurance).
