Many people take out protection for their phone, pet, boiler and car to cover against a loss or an emergency……..however they often fail to protect themselves and their families against suffering an untimely death or a critical illness and the loss of income which is infinitely more important.
Verity Wealth Management offer to assist you by discussing your personal requirements and if need be we can provide you with a free, no obligation quotation for Income Protection, Term Life Assurance and Critical Illness Insurance.
Verity Wealth Management is totally independent and therefore acts in your best interest.
We pride ourselves on our professionalism and attention to detail, providing well researched, unbiased independent advice, specifically tailored towards each clients individual requirements, not only advising on the most suitable product but also the most competitive product provider.
To enable us to provide a quotation to you or to simply discuss your requirements, please contact us.
Please let us know they type of cover you require:
- Term Life Assurance
- Critical Illness Insurance
- Income Protection Insurance
- Business Protection
- Relevant Life Plans
Term life insurance or term assurance is life assurance which provides cover at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, cover at the previous rate of premiums is no longer guaranteed and the client must either forgo cover or potentially obtain further cover with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term life insurance is the least expensive way to purchase a substantial death benefit on a premium basis over a specific period of time.
Term life insurance can be contrasted to permanent health insurance (IP) which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy owner allows the policy to lapse. Term life insurance is not generally used for estate planning needs or charitable giving strategies but is used for pure family income replacement needs for an individual. Term life insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not provide for a return of the premium if no claims are made against the policy during the selected term.
Critical illness cover pays out a cash lump sum if you’re diagnosed with one of a number of listed critical illnesses, including some types of cancer, a heart attack or stroke, multiple sclerosis or the loss of limbs.
The illnesses covered, and illnesses excluded from cover, vary widely between insurers, so it’s vital that you take proper independent advice before buying a policy and carefully check the policy documentation. Pre-
A critical illness policy could be used to pay for medical treatment, cover adaptations to your home (such as mobility aids, special equipment or structural changes required due to a disability) or to pay off your mortgage. In fact, it can be used for anything.
What critical illness cover doesn’t do is produce a regular income. If you were unable to work due to an critical illness, a good income protection policy would cover your ongoing expenditure. A suitably qualified independent financial adviser will be able to find you the best balance of income protection, life insurance and critical illness cover to meet your individual needs.
Critical illness cover premiums tend to rise with age, but will also depend on your personal medical history and that of your family. Some policies may charge you less if they exclude a pre-
Guaranteed premiums, some critical illness cover policies let you choose between guaranteed and reviewable premiums. Policies with guaranteed premiums tend to be more expensive at the outset, but payments remain the same throughout the life of the policy. This means guaranteed policies can prove to be cheaper in the long-
Reviewable premiums, reviewable premiums tend to be much lower at the outset, but prices are likely to rise in the future. This means cover may become unaffordable as you get older, just as the likelihood of falling ill increases. Reviewable critical illness cover policy providers usually review premiums every five or 10 years. Changes in your health or personal circumstances do not lead to premium increases, but advances in medical technology can lead to higher premiums.
Income Protection, formerly known as permanent health insurance (PHI), long-
Income protection payout’s are usually based on a percentage of your earnings: 50% to 70% is the norm. Payments are tax-
IP policies only pay out once a pre-
Most IP providers report paying high proportions of claims made to them.
One industry survey showed less than a quarter of people deemed protecting their income to be essential, compared with 74% who said the same of needing access to broadband Internet.
We will be happy to call you at a convenient time to give you information about our plans and answer any questions that you may have.
Or, call us on: 0191 516 6353
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Verity Wealth Management LLP. Registered office and Postal address: Suite 11, The Hub, New Century House, Crowther Road, Washington, Tyne and Wear, NE38 0AQ
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