Protection Advice
It may not happen to you – we hope it doesn’t – but it might.
There are events we can all face that have the potential to wreck lives and families. It’s a difficult issue to think about, but imagine the impact on you and your family should the main earner in your household die or become seriously ill.
While there is no insurance that can prevent these things from happening, you can protect yourself and your family financially by making money available, should something unexpected happen.
This money can be the difference between keeping and losing your home, and maintaining your family’s lifestyle.
What protection options do I have?
You will have various protection needs throughout your lifetime, many of them all at once. Some examples include covering your mortgage upon death or critical illness, providing a regular income for a financially dependant spouse or child, providing an income for yourself in the event of long-term sickness. Scary as it may seem, we must plan for all eventualities in life!
Life Assurance
This is cover that pays out on death. Some plans pay upon earlier confirmation of a terminal illness where the prognosis is death within 12 months.
Critical Illness
Insurance that pays out when a defined medical event occurs. For example, following a heart attack, stroke, cancer or some other specifically defined critical illness.
Family Income Benefit
This cover will pay out if death occurs, and provides an income per year for the term remaining on the policy.
Income Protection
This provides income where you are ill or injured, and as a result your income through employment or your normal route stops.
Private Medical Insurance
This is insurance that pays the hospital or Doctor for your treatment. It can include treatment in a private ward, or being seen earlier in an NHS ward.
How much does protection advice cost?
Here at Woodward’s we don’t charge a fee for protection advice. Insurance companies pay commission to advisers which is reflected in your monthly premium.
Your protection bundle can cost as much or as little as you feel comfortable with. We always start the process by showing you the full package that is most suited to your needs and objectives. If you feel that this is unaffordable, we can start removing certain features in order to reduce the monthly cost to suit your budget.
