Life can be uncertain and sometimes events happen that no-one could have predicted. Most people don’t like to think about the ‘what-if?’ But how would you or your family cope with no income if you were to, for example, be made redundant, or develop a terminal illness? Putting a protection plan (or plans) into place will make sure that no matter what happens in the future, there will be a ‘pot’ of money to help you or your family get through it.
We have identified the main types of protection policies which are on the market today, however, there are many more to choose from! So, we understand that you may feel a little bit ‘out-of-your-depth’ when deciding which option is best for you. But don’t panic, our team of professionals at Bluefish Financial Services are here to advise and guide you, so you can make the right decision based on your individual circumstances.
This is a long-term insurance policy that will help you if you are unable to work due to an illness or if you were to become disabled. You will receive a pay-out which stops when you can work again. These types of policies usually cover most illnesses, but you should always check your policy documents to understand what is and isn’t covered.
If you were to be diagnosed with a specific serious illness (listed as part of your policy) then you will get a tax-free one-off payment. You can choose how to spend the money; however, most people use it to help pay their housing costs or to make illness-related modifications to their home.
This is an annual policy that pays out if you were to die due to an accident, or if you were to suffer a serious injury (such as losing your sight or a limb). Many policies allow you to choose the level of cover and include your partner or children. It is always important to check your policy documents to make sure that you have chosen the right level of cover to suit your needs.
Many people think that these are one of the same. But they are most definitely not.
Life Insurance covers you for a set amount of time that you decide when you take the policy out (usually between 10 and 25 years). The policy kicks in when you pass away and is usually taken out to ensure that your financial commitments are taken care of. However, because you are not guaranteed to pass away during the lifetime of the policy, your are not guaranteed a payout. This type of policy is usually taken out for your peace of mind; ‘just-in-case’.
Life Assurance (also known as ‘whole of life’ insurance) is not fixed-term and covers you until you pass away. This type of policy is usually more expensive than life insurance because it covers you for a longer period and you are guaranteed a pay-out.
As with any other insurance policy you take out, you must check the policy documents once they are sent out by the insurer. This is to make sure that the product is what you wanted and it gives you a chance to read what is and isn’t covered. If you do decide to cancel or change your policy, then most insurers allow a ‘cooling-off’ period, however, this is usually time-restricted.
Whether you are looking to start a pension or want to know how to ensure your existing pension is working for you we can help.
If you are a first time buyer or moving house or looking to re-mortgage we can help you choose the right mortgage.
Over the phone, over tea and biscuits or over at your place, our ear is always available to listen to what you need. Nobody’s protection needs are too small and no investment is too complicated.
We’re here to take time with our customers to make sure they walk away happy and with greater wealth or greater financial stability than when the process began.
Simply complete the form to the right or call us on 0117 9392837 to get the conversation started.