Financial protection that provides peace of mind, allowing you to focus on enjoying life knowing your family’s finances will not be in jeopardy.
Our expertise lies in recommending the most suitable life assurance products.
Financial protection products are a type of insurance designed to protect policyholders and their family’s financial affairs in the event of death, illness, redundancy or inability to work. It is an essential element to a person’s financial planning. To ensure cover is set up correctly and the most efficient product is in place, it’s important to seek professional advice to ensure all possible events are covered to prevent policyholders from facing financial difficulty.
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Contact us today and see how we can help you achieve your goals.
Protect your income and finances
Ensure your finances and income is covered, in the event that you are unable to work.
Financial protection against critical illness
Ensure your finances are covered, in the unfortunate event of being diagnosed with a critical illness.
Protect your loved ones
Rest assured, knowing your loved ones will be financially secure and can maintain their standard of living, in the event of your death.
Cover funeral expenses
Ensure the costs of your funeral are covered to remove the financial burden from family members.
What is financial protection and how can we help
Most people place a high value on their home, personal possessions and motor vehicles. They therefore take out insurance to repair or replace these items in the event of accident or loss. More often than not however, people consistently fail to adequately value their own life or future earnings capacity in the event of serious illness or death.
The principals of life assurance are in some way similar to household insurance. The difference is that they provide a cash lump sum or regular income should you die or become seriously ill. They can cover you for a specific event or term and can also cover you throughout life, for example, to cover funeral expenses. There are a large number of providers and policies available and at BBI we work with you to establish the right type of cover for your specific needs.
We strongly believe that besides choosing the right type of policy, it is also extremely important to make sure that in the event of a claim being made, the monies are paid to the correct person. All too often people do not make a will and hence die ‘intestate’. This in itself can cause financial problems and lengthy delays in the settlement of proceeds to Beneficiaries but the agony can be compounded if your life assurance is not paid to the person for whom you intended it in the first place.
Our expertise lies in recommending the most suitable way to set up your life assurance, taking into account any potential beneficiaries and tax related issues. For example, a life assurance contract, if set up incorrectly, may attract an inheritance tax charge of 40% of the proceeds – a significant loss of money could be involved – this could be avoided by taking our advice. We take a very direct and pragmatic approach to what is normally regarded as a sensitive issue.
Get the right protection you need, today.
To ensure you get the right cover, speak with our Advisers today and get your family and finances protected.
Types of protection we can source
Click on the dropdown boxes to read more information.
Term Assurance
Term assurance is the most basic and cheapest form of life cover that provides cover for a specified term. This type of policy pays out a death benefit in the event of the insureds death, during the specified term. It provides reassurance for people, knowing that during a certain period of time, their family could handle potential expenses.
It does not provide any form of investment, therefore at the end of the term if a claim hasn’t been made, the plan will cease and no benefit will be paid.
Critical Illness
Critical illness insurance is designed to provide a lump sum payment in the event of diagnosis of a specified illness or medical condition during the term of the policy. Types of illness and medical conditions covered will be stated in the policyholder’s documentation as these can vary between product providers. Any benefit paid is the policyholders to keep and does not have to be repaid if they survive.
The critical illnesses covered vary from insurer to insurer.
Examples include:
- Heart attack
- Stroke
- Certain types and stages of cancer
- Multiple sclerosis
These benefits vary from company to company, as do wording definitions of the specific illnesses covered, so it’s always a good idea to check the details carefully before buying a policy.
Income Protection
Income Protection Insurance (IPI) is an insurance policy, paying benefits to policyholders who are unable to work due to illness or an accident. If you become too ill to work and have the right income protection insurance policy you will receive an income until the policy expires.
Mortgage Protection
In the unfortunate event of long-term sickness, an accident which prevents you from working or redundancy, your finances may be at risk, therefore making it difficult to keep up with your mortgage re-payments. Mortgage payment protection insurance (MPPI) provides cover when you need it most, and helps pay your monthly repayments if you can no longer make them.
Accident & Sickness
Accident and sickness insurance is a type of cover that pays out a monthly benefit to replace lost earnings should you have to take time off work due to illness or injury. In contrast to Income Protection Insurance (IPI) these plans can usually payout for a maximum period of 12 consecutive months, therefore only providing short-term incapacity protection.
Unemployment Cover
Unemployment Insurance provides a source of income for workers who have lost their jobs through no fault of their own i.e. being made redundant. Unemployment insurance does not cover the worker in the event of quitting or being fired.
Address
Kidderminster
Worcestershire
DY10 1AF
Phone
07753 761 296
07507 882 984
luke@bbi-ifa.co.uk
Office Hours
9am – 5pm
BBI IFA
BBI Independent Financial Advisers Authorised & Regulated by The Financial Conduct Authority. The value of your investment can go down as well as up and you may not get back the full amount invested. The Financial Conduct Authority does not regulate Taxation and Trusts. Your home may be repossessed if you do not keep up repayments on your mortgage. FCA No. 471166