PROTECTION & INSURANCE
Whether you are arranging a mortgage or not, it is important to have the correct Insurance & Protection products in place.
At AFP West London we deal with some of the country’s top insurers and will take the time & trouble to discuss what you are looking to achieve from your protection arrangements as well as recommending the most cost effective and secure solutions we possibly can. It may be that you already have arrangements in place but wish to ensure that they will do the job required should the worst happen, or you may wish to take advice to set up new arrangements.
For further information please see below our guide to the terms used and options available when choosing the right kind of cover.
INCOME PROTECTION POLICIES
This type of policy replaces your income if you are unable to work due to ill health.
Term Insurance will pay a lump sum should you die within the term of the policy.
Whole of Life Assurance will pay a lump sum whenever you die.
CRITICAL ILLNESS COVER
Critical illness cover pays on the assured being diagnosed with a defined illness that does not result in death.
LEVEL AND DECREASING TERM
Level term policies will provided the same sum assured throughout the whole term of the policy and are typically suited to family protection and where there is a requirement for a fixed amount on a claim. Decreasing term policies are usually provided in conjunction with a repayment mortgage. The sum assured will reduce on each policy anniversary to broadly reflect the mortgage balance. The premium will not change throughout the term.
LUMP SUM AND MONTHLY INCOME
Lump sum policies are typically suitable to repay a fixed debt or where a one off payment is required on claim. Monthly income policies, termed Family Income Benefit or Family and Personal Income protection, are available as life and critical illness policies. On death or diagnosis of a defined illness, the policy will pay a monthly sum until the end of the policy term.
When you apply for a policy the Insurer will underwrite the application and may take up enquiries with your GP or ask you to attend a medical examination depending on your personal & medical history.
The result of these enquiries may affect the final premium you will pay.