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Life Insurance

Life Insurance & Protection – Speak to one of our advisors today

You wouldn’t insure your car 3rd party? so why not insure your life fully comp, speak to one of our friendly expert life insurance advisers today to discuss your requirements for covering you and your family.

Life insurance is not a legal requirement but is highly recommended as without suitable cover your family may experience financial hardship. Ask yourself, could your family afford to pay the mortgage for example, if one of you is unable to work or dies?

It’s a harsh way to look at it, but we all want the best for our loved ones and the correct policy can mean the difference between comfortably staying in the family home or having to sell it or fall into a financial crisis.

So, getting the correct cover is essential for financial peace of mind, there are many things to consider so why not talk to one of our expert life insurance advisors today to discuss your requirements. Our advice is free of charge and we are completely independent, meaning we can search the whole market to source you cover that to suits your needs and budget.

Life insurance that covers you in the event of a death, the amount of cover needed will vary depending on what you want to cover & the type of policy.

The level of cover required will depend on personal circumstances and will usually be to cover one or more of the following in the event of death;

  • Mortgage or rent
  • Living & Household expenses
  • Outstanding Debts
  • Funeral Expenses
  • Childcare

Life insurance is worth considering as soon as you have any large financial commitments such as a mortgage, as the earlier you start to pay for life insurance the lower the monthly payments could be.

There are many companies online offering cheap policies where the level of cover is limited and is most likely not going to pay out due to policy constraints, for example, you must pay 12 months before a claim can be made or only three conditions are covered (these are called key 3 products).

 

There are three main types of Life Insurance policy:

1. Level term Life Insurance

This is the simplest of life insurance as you decide the payout value and duration of the policy. So if you die within the terms of the policy, your dependant will receive a fixed sum as a payout, regardless of when the claim is made.

  • Advantages: Fixed premiums, Fixed payout, Financial support and Peace of mind.
  • Disadvantages: Premiums can cost more, pays out do not take into account inflation, no payout after the policy end date.

 

2. Decreasing term Life Insurance

Usually used to cover debts that decrease over time, like a mortgage. This means the sum paid out for a claim will decrease over time. This is usually the cheaper option, but you will have to consider if the payout will be enough to cover your dependents.

  • Advantages: Cheaper than level term, ideal to cover mortgages.
  • Disadvantages: Decreasing payout, often will only cover a mortgage nothing else.

 

3. Increasing Life Insurance

Usually used to cover debts that are linked to inflation and can increase over time, like a government Help to Buy loan. The amount of cover increases overtime to make sure it protects and pay back this commitment, with this the cost of cover increases in line with the inflation also.

  • Advantages: Financial support and Peace of mind for your loved ones, pay-out is relative to inflation.
  • Disadvantages: Premiums tend to increase annually.

 

There are many pro’s & cons when it comes to Life insurance policies, if you have any questions please call our expert team of advisers today and we can guide you to the right options for your situation.

To discuss the options available to you please contact our team on 01603 750000 or email ask@pfgmail.co.uk

A form of insurance that is designed to pay out a tax-free lump sum in the event you are diagnosed with one of the insured critical illnesses set out by your insurer. This money can then be used as you see fit; ideally towards paying off a portion of your mortgage, medical treatments, clearing debts or adapting your home to suit your needs.

Critical illness can also run alongside life insurance, usually at a discounted cost. This means the provider will pay out on the first event of passing away or becoming critically ill.

To find out what can be covered and the options available to you contact us today.

Other policies provide payment on a monthly basis which may better suit your circumstance, as to lose the income of a main or the sole earner of a household could result in financial hardship.

To discuss the options available to you please contact our team on 01603 750000 or email ask@pfgmail.co.uk

Income protection is a form of insurance that will provide a monthly income to help pay the mortgage and associated costs should you be unable to work due to an accident or sickness.

It is particularly useful for people who work in manual occupations where injuries would stop you from performing your duties.

You agree to pay a monthly premium over an agreed term and if you were to die within that term the insurer pays out an agreed regular income for the remainder of the term, tax-free.

Mental health is covered with this type of policy, and this condition makes up for a large proportion of claims. You may know of someone who has been off work long term due to mental health, it can happen to anyone, so it is important you consider this protection.

Due to the current climate certain types of protection are limited, do not hesitate to get in contact with an adviser to discuss your best options regarding;

  • Accident, Sickness & unemployment
  • Payment protection insurance
  • Mortgage payment protection

To discuss the options available to you please contact our team on 01603 750000 or email ask@pfgmail.co.uk

An alternative to level term life insurance, Family Income Benefit is designed to replace the lost income if the person or persons insured die.

These policies tend to be more suitable for people with younger families who wish to protect against the loss of income if one or both parents die before the children become financially independent.

How it works

Family Income benefit will pay your dependants an annual income from the time you die till the end of the policy term. This is income is normally tax-free and can be used for any purpose. Helping to provide an income to help the family left behind to maintain their standards of living.

Critical illness cover can also be added with these policies so in the event of a serious illness is diagnosed, there would be a one-off payout to help out with finances. (see Critical Illness Cover above)

As with all protective insurance products, the monthly cost will depend on; how much cover you require, the term (length) of the policy, your age and your health.

To discuss the options available to you please contact our team on 01603 750000 or email ask@pfgmail.co.uk

This is an essential requirement for all mortgages. Your mortgage lender will insist you have buildings insurance in place because as soon as you exchange contracts on a property, at that point you are then legally responsible for the building and the lender wants to make sure that their investment is protected.

Even if you own your home outright, buildings insurance protects the money invested in your home, it would be reckless to have the wrong building insurance policy or cover amount.

When considering buildings and contents insurance generally, the floor, roof, windows and walls of your property are covered by buildings insurance and the items like furniture, appliances and decorative items are covered by contents insurance.

Some parts of your property can be hard to define into which area they are categorised. There are many policies out there that will not include certain items under the “buildings” section that others will, why not speak to one of our advisers to help you with these questions.

Not sure what the value of your building insurance should cover? Or how much contents cover you require? Talk to one of our specialists today to talk over your requirements.

To discuss the options available to you please contact our team on 01603 750000 or email ask@pfgmail.co.uk

We offer tailor-made protection insurance suited to your exact needs, these are not off the shelf packages that you might get from a comparison site.

Your advisor will be your main point of contact for any questions you have and will contact you directly about renewals when the time is right. (No call centres)

Comparison sites can only fit your application into an off the shelf product, our advisors will take the time to get to understand you and your requirements and advise you on the best options out there.

Being independent insurance brokers we often have access to deals from the market providers that only brokers get access to, these can be cheaper than going direct, why not get in touch to see if we can help?

Being independent we have access to all of the insurance providers on the market, so we recommend products from some of the highest-rated defaqto 5-star insurers or we can find the right level of insurance cover from other providers, which greatly reduces the risk of you being underinsured.

  • We aim to provide you with the best service and offer peace of mind that your needs are protected.
  • We can access the highest five star rated products, to provide the best levels of insurance cover
  • Don’t just take our word for it, with over 230 5-star Google reviews.
  • We are independent and have access to the whole the market
  • Norwich Based, No Call Centers

Family Income Benefit:

You agree to pay a monthly premium over an agreed term and if you were to die within that term the insurer pays out an agreed regular income for the remainder of the term, tax free.

Suggested uses: replace your income for your family to live on.

Life and/or Critical illness Insurance:

You agree to pay a monthly premium over an agreed term and if you were to die within that term the insurer pays out an agreed lump sum.

Suggested uses: pay the mortgage off for your family, provide for your family in your absence.

By adding critical illness cover you are also insured if you become critically ill within that term. Each provider varies in their definition of a defined illness, so be careful getting ‘like for like’ quotes. Many insurers also add additional cover for your offspring during the term.The insurer also pays out this lump sum, tax free.

Suggested uses: pay off your mortgage or provide for your care if you become critically ill, provide a lump sum for your children’s care should they become critically ill.

Income Protection:

You agree to pay a monthly premium over an agreed term and if you were to die within that term the insurer pays out an agreed regular income for the remainder of the term, tax free.

Suggested uses: replace your income for you to live on.

Suggested uses: replace or repair your home and/or contents in the event of an insurable event.

There are many different types and variations of all these insurances, for a bespoke quotation from our independent panel of providers simply:

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