Protection
Here at Marc Catry, we want to help you protect your world. Whether its life assurance, cover if you fall critically ill or lose employment, our insurance and mortgage adviser in Tamworth can help provide advice on the best protection plans for you.
Life Assurance
What is it?
Life Assurance is the basic form of life insurance, and therefore usually cheaper.
It covers you for a fixed period of time and pays out a one-off lump sum if you should die during the policy term.
With many of the term insurance policies, you can add additional options such as critical illness cover. If you did add critical illness cover, the plan would pay on diagnosis of a qualifying critical illness, or if you died during the term of the policy.
Who Is it For?
Life assurance is designed for those wish to leave a lump sum to love ones in the event of their death within a specified time period.
Term assurance can give your family financial protection in the event of a tragedy, and is particularly important if you have young children or dependents.
The pay-out can be used to cover a mortgage or other loan so that your family is protected from having to repay the debt if the main breadwinner has passed away.
As independent mortgage advisors in Tamworth and the surrounding areas, we can help you to find the plan that best suits your needs.
Critical Illness Cover
What is it?
A critical illness plan will pay out a lump sum on the diagnosis of a qualifying illness. This is designed to help cover the costs of living if employment is missed. It is often added to life assurance policies as an additional benefit.
Who Is It For?
Designed for individuals or families who want a lump sum if diagnosed with a serious illness. This lump sum could be used to repay a loan, mortgage, or pay for time off work. It could even be used to pay for any necessary alterations to your home due to disability resulting from illness.
Of course, the quality of the cover does vary between insurance companies. Since we are an independent mortgage adviser in Tamworth, we can find a critical illness plan that best suits your needs.
Income Protection
What is it?
Income protection will pay out regular income if you are unable to work due to accident or illness.
These plans will continue to pay out as long as you are unable to return to work, lasting until the end of the date of the policy, which tends to be normal retirement age.
Income protection is often seen as a foundation of any financial planning, since it is likely that other protection plans would have to be given up without sufficient income to cover them.
Who Is it For?
Anyone who is working, either employed or self-employed.
What If My Employers Provide Sick Pay?
It is highly unlikely that your employers sick pay will last longer than twelve months, so having ongoing protection is vital. Plans can be adapted to fit with any existing protection plans you have.
As an independent financial adviser in Tamworth, with a deep knowledge of the income protection market, we can help you find the plan best suited to you.
Short Term Income Protection
Also known as payment protection insurance, other products are available to protect you against loss of income. For impartial information about insurance, please visit the website www.moneyadviceservice.org.uk.
Mortgage Payment Protection
What is it?
Known as Accidents, Sickness and Employment cover (ASU), this plan ensures you can make your mortgage payments in the event of an accident, critical sickness or if you are suddenly made unemployed.
These plans usually pay benefits for up to two years. If you are seeking payment for a longer period, then Income Protection Insurance is generally more suitable.
Please note there is no legal requirements to have such cover. It is optional and you should check to make sure it has not been “bolted on” to other plans if you do not require it, potential mis-selling of these products has generated much interest from the media and industry regulator in recent years.
However, these plans can still be right for certain people in certain circumstances.
Who Is it For?
This plan is for those who are paying mortgage payments and fear they that they will not be able to keep up with the payments due to loss of income from an accident, an illness or unemployment.
Please note it is extremely important that you take independent financial advice before taking out this type of plan, since they are not always the best or cheapest option. We are always here for help and advice.
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FPS Financial is a trading style of Marc Catry who is a Registered Individual to Andrew Groves, which is authorised and regulated by the Financial Conduct Authority. Andrew Groves is entered on the FCA (http://www.fca.org.uk/register/) under reference 741910
Registered office: FPS Financial, 66 St. Nicolas Park Drive, Nuneaton, Warwickshire, CV11 6DJ. Telephone 02476 351 151.
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