Personal Protection

Our job, as advisers working within the guidance of the Financial Services Authority, is to make sure that once you have bought your home, you do not lose it to sickness, serious illness, or death. If you are honest with yourself, taking the risk to hold a significant debt without suitable insurance in place, is just not worth it.

The problem is often not being able to sit down and assess the risk and deal with the issues with someone who cares and who is experienced and knowledgable. You need someone who can help you with the simple steps to putting suitable protection in place and help you to attain some peace of mind.

Our advisers will help you understand the need to be protected, but also the steps you need to take to be happy and confident that you are suitably protected, should something unforeseen happen.

Income Protection Insurance

Income Protection Insurance (IPI) is an insurance policy, paying monthly income benefits to policyholders who are incapacitated and hence unable to work due to illness or accident.

  • Benefits are payable when the policyholder becomes incapacitated and after the chosen deferred period has passed and continue until the earliest of death, recovery of health, retirement or the term of the contract.
  • Benefits are paid regularly (usually weekly or monthly) and are free of tax.
  • The insurance company cannot cancel or refuse to renew the policy provided that the policyholder continues to pay the premiums.

Critical Illness Cover

A serious illness, such as cancer or heart attack, affects one-in-four women and one-in-five men before retirement age. (Bright Grey 2011).

Critical illness insurance is designed to ease the financial pressures by paying you a tax-free lump sum if you become seriously ill or totally disabled. You must normally survive at least one month after becoming critically ill, before the policy will pay out.

What it covers:

  • Originally known as 'dread disease cover', critical illness insurance pays benefits on the diagnosis of certain specified critical illnesses. The range of diseases covered has increased to more than 35, though contracts differ from one company to another.
  • All policies should cover seven core conditions. These are cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. They will also pay out if a policyholder becomes permanently disabled as a result of injury or illness.

 

Life Insurance

Life insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person.

Depending on the contract, other events such as terminal illness may also trigger payment. In return, the policy holder agrees to pay a stipulated amount (the "premium") at regular intervals or in lump sums. The value for the policy owner is the 'peace of mind' in knowing that the death of the insured person will not result in financial hardship.

Family income benefit insurance

Family income benefit insurance pays a monthly income or annual lump sum, if the policyholder dies whilst the policy is in force. The monthly income will continue at the level specified in the policy, until the policy's termination date. These payments can either be index linked or payable at a flat rate.

  • Family income benefit insurance is primarily used to ensure that a family’s income is maintained at an acceptable level if the main income provider or providers were to die. Family income benefit insurance does not involve any investment and the policy has no surrender value at any stage.
  • Family income benefit insurance can also be combined with life insurance, mortgage life insurance and critical illness insurance as part of a package of insurances to provide financial protection for the family.
  • Family income benefit insurance is popular in the UK and is regulated by the Financial Services Authority.

CALL (0)20 88771169 / EMAIL enquiries@oportfolio.co.uk FOR MORE INFORMATION 

What our clients say

"It is very worthwhile having someone with your interests at heart in the middle of the buying process, as all other parties work for the seller. We would recommend his services to anyone thinking of buying a home and are delighted to have had his help. Recommendations are on their way!"

Kerry-Anne, London

"The whole team at Oportfolio are fantastic. They are a very professional group, who know the market extremely well. The advice and support they gave us was excellent. They helped us through some challenging moments with great humour and dexterity."

James, Oxford