What would happen if your income stopped?
It's a question many of us put off. But if illness or injury meant you couldn't work for several months or longer, how would the mortgage, bills and other commitments be paid?
You may have savings, sick pay, existing insurance or other resources. Understanding what's already in place is the first step towards deciding whether further protection is needed.
Protection advice starts with your circumstances, not a policy.
Explore the types of cover
Income protection If illness or injury prevents you from working, income protection may provide a regular benefit, subject to the policy's definition of incapacity, waiting period, benefit limits and other terms. This can be particularly important for self-employed people who may not receive employer sick pay.
Life insurance Life cover may provide a lump sum or other agreed benefit on death during the policy term, depending on the policy. It can help repay a mortgage or provide financial support for people who depend on you.
Critical illness cover Critical illness insurance may pay a lump sum if you meet the policy definition of a covered condition. The conditions, severity requirements, exclusions and benefits differ between insurers.
Already have cover? Let's review it.
Your mortgage, income, family and priorities may have changed since you arranged your policies. A review can help establish what your existing cover does, whether it still meets your needs and whether there are any gaps or overlaps.
Important: Existing cover should not be cancelled or replaced without carefully considering the differences in terms, premiums, exclusions and underwriting. A new policy is not automatically better.
How I'll approach your protection needs
UNDERSTAND: Your income, household commitments, dependants and financial priorities.
REVIEW: Any sick pay, savings, employer benefits and existing insurance arrangements.
EXPLORE: Relevant policy types, levels of cover, waiting periods, terms and costs.
EXPLAIN: The options, limitations and key conditions so you can make an informed decision.
Frequently asked questions
Do I need a mortgage to talk about protection?
No. You can discuss protection whether or not you're arranging a mortgage.
Is income protection only for self-employed people?
No. Employed and self-employed people may both benefit from considering it. The need depends on existing sick pay, savings, commitments and other resources.
What's the difference between income protection and critical illness cover?
Income protection may provide a regular benefit when illness or injury prevents work, while critical illness cover generally pays a benefit after a diagnosis meeting the policy definition. The terms vary and the products address different risks.
Can I get cover if I have a medical condition?
Possibly. Insurers assess medical history and other risk factors differently. Cover may be available on standard or adjusted terms, with exclusions or increased premiums, or may be declined.
Should I keep my existing policy?
That depends on what it covers, its terms and cost, and how your needs have changed. We'll review it before considering any replacement.
How much cover do I need?
We'll consider your income, expenditure, mortgage, other debts, savings, dependants and the type of financial support you're looking to provide.
For your home and belongings, explore buildings and contents insurance. Contact Joe to discuss your options.