At Coombes and Wright we believe having the correct protection insurance in place is critical for family/company protection and peace of mind. The protection insurance market is complicated so we have our own protection insurance specialist to ensure our clients get the correct advice. We offer a full suite of products and can offer tailored solutions to fit you, and your families specific requirements. We also offer corporate cover for example Key man Insurance.
There are 5 main categories of Protection Insurance.
- Life Insurance
- Family Income Benefit
- Critical Illness Cover
- Income Protection
- Private Medical Insurance.
Life insurance can pay your dependents money as a lump sum if you die.
It’s designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.
The amount of money paid out depends on the level of cover you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.
You may need to think about whether receiving a pay out will affect any means tested benefits your dependents might otherwise be eligible for.
Family Income Benefit.
These policies also pay out on death of the insured but instead of a lump sum they pay a monthly income, usual to their partner, until retirement.
Critical Illness Cover.
Critical illness cover, also known as critical illness insurance, is a long-term insurance policy which covers serious illnesses listed within a policy. If you get one of these illnesses, a critical illness policy will pay out a tax-free, one-off payment. This can help pay for your mortgage, rent, debts, or alterations to your home, such as wheelchair access, should you need it.
Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance policy designed to help you if you can’t work because you’re ill or injured.
It ensures you continue to receive a regular income until you retire or are able to return to work
Private Medical Insurance.
Most UK residents are entitled to free healthcare from the NHS.
Health insurance pays all – or some – of your medical bills if you’re treated privately.
It gives you a choice in the level of care you get and how and when it is provided.
You don’t have to take out private medical insurance – but if you don’t want to use the NHS, you might find it hard to pay for private treatment without insurance, especially for serious conditions.
Every individual, family or company have their own unique set of circumstances so please contact our specialist advisor to arrange a free initial consultation.