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Income Protection Insurance Advice in Lincoln

Mortgage Broker in Lincoln

Income Protection Insurance is designed to pay out a monthly benefit if you are unable to work due to illness or accident.

The applicant can decide along with the help of their Advisor how much cover to take out. Also how long they are prepared to wait before they are entitled to put a claim in.

Income Protection insurance can be expensive compared to life cover. As you are far more likely to be unable to work due to illness than die.

The monthly benefit continues to be paid out until you return to work unless you have selected the “Budget” version of the policy. This typically only pays out for 24 months but is much cheaper.

The big advantage of Income Protection Insurance is that unlike Critical Illness Cover it pays out for whatever is preventing you from working. Unlike Critical Illness which is just a list of specified illnesses.

This type of policy is very popular amongst the self-employed and also employed applicants who do not benefit from generous Employer sick pay schemes.

Our Income Protection Insurance Advice Service

It’s very important to us that all of our customers are given an equal opportunity to take insurance our through ourselves.  We wouldn’t be doing our job right if we didn’t mention it! 

We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability.

We’ll then recommend which products, including critical illness and income protection that meet your needs.  If required, we’ll then tailor the plan to match your available monthly budget. 

Lincolnmoneyman.com
Providing Income Protection Insurance Advice in Lincoln & Surrounding Areas

Critical Illness Insurance Advice in Lincoln

Critical Illness Insurance pays out a lump sum if you are diagnosed with one of the conditions on the policy such as Cancer, Heart Attack or Stroke. Sometimes Insurers receive criticism for declining claims when someone is very ill but with an illness not covered on their policy but most major providers actually pay out over 90% of claims.

If claims are denied it can also be because the claimant did not disclose an underlying medical condition they have when they took the policy out.

In the event of a claim the lump sum is paid out irrespective of whether the claimant returns to work or not, the key thing is whether the illness they had matched the definition on their policy.

The claimant can use the lump sum they receive for any purpose they wish. Be this to repay their mortgage, pay for medical care or make modifications to their home.

Different insurers cover different illnesses on their policies and it’s wise to take advice prior to selecting a policy. This will ensure that you end up with one that is suitable for your needs. Critical Illness Insurance is much more expensive than life cover because the chances of you making a claim are far higher.

Your chances of surviving the types of conditions covered are far higher than they were 30 years ago. However, if you are unfortunate enough to contract one of them then there are often financial consequences. Hence the popularity of the cover, especially for applicants who have mortgages or children to think about

Our Critical Illness Insurance Advice Service

It’s very important to us that all of our customers are given an equal opportunity to take insurance our through ourselves.  We wouldn’t be doing our job right if we didn’t mention it! 

We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability.  We’ll then recommend which products, including critical illness and income protection that meet your needs.  If required, we’ll then tailor the plan to match your available monthly budget. 

Lincolnmoneyman.com
Providing Critical Illness Insurance Advice in Lincoln & Surrounding Areas

Life Insurance Advice in Lincoln

Life insurance is designed to pay out, usually in a lump sum, in the event of death. With regards to your mortgage, the sum assured should be enough to pay off your outstanding balance.

Here is some information about the most popular types:

Whole of Life Insurance

Whole of
life insurance does not have an end date, therefore, providing premiums are
being met the policy will pay out. 
Generally speaking, this type of insurance is used for family protection
and also as part of inheritance tax planning. 

Term Assurance

Term assurance is the most popular type of family insurance used to cover a mortgage. 

Our Mortgage Advisors in Lincoln will recommend the sum assured and term of the policy, usually to run in line with your new mortgage.   The providing that all premiums are maintained, the sum assured will be paid out if you were to die during the term. 

There are various types of Term Assurance available, such as decreasing and increasing cover.  As part of our personal protection review, the most suitable policy for your needs will be recommended. 

Family Income Benefit

This is another version of Term Assurance, where instead of the sum assured being paid as a lump sum on death, it’s paid as an agreed monthly payment.  This is very good for families looking to insure an income. 

A good advisor, will usually recommend a mixture of insurance types tailor made to match your personal and family requirements. 

Joint Life Insurance

If you are part of a couple, you could consider taking out a single life policy that will pay out in the event of one of you dying.

This can be cheaper than paying the premiums on two separate policies, but bear in mind that joint policies only pay out on the first death, after that the cover ends. 

If you had two separate policies, the second policy would remain in force even after a claim had been made on the first.

Death in Service

Many companies offer their employees family a lump sum payment if the staff member dies while they are employed by the firm.

Although this doesn’t mean the death has to be at the workplace or in any way related to the job done.

This cover will most likely end as soon as you leave the company.

Our Insurance Advice Service

It’s very important to us that all of our customers are given an equal opportunity to take insurance our through ourselves.  We wouldn’t be doing our job right if we didn’t mention it! 

We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability.  We’ll then recommend which products, including critical illness and income protection that meet your needs.  If required, we’ll then tailor the plan to match your available monthly budget. 

Lincolnmoneyman.com
Providing Life Insurance Advice in Lincoln & Surrounding Areas

Lincolnmoneyman.com & Lincolnmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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