Protect your family’s future
Insurance Broker Service in Tunbridge Wells
At Wells Financial, we’ll help you protect your family’s future by putting in place the right insurance policies for your circumstances.
Protect your family’s future
At Wells Financial, we’ll help you protect your family’s future by putting in place the right insurance policies for your circumstances.
We’ll carefully assess your needs
Unexpected events can significantly impact our finances, highlighting the importance of having an emergency fund and a well-thought-out financial plan.
No matter your situation, you’ll likely need protection against death, critical illness, or disability. Life is unpredictable, and unforeseen events can have significant financial implications. We’ll carefully assess your needs, considering any existing coverage you may have, such as employer-provided benefits or personal policies. By understanding your unique circumstances and financial goals, we can tailor our recommendations to your needs.
We’ll then present you with a comprehensive plan and budget for your life insurance needs. This plan will cover immediate expenses and ensure long-term security for you and your loved ones. We aim to provide you with peace of mind, knowing you are adequately protected.
Finally, we’ll carry out the applications with the insurance companies on your behalf, managing all the paperwork and communication. Throughout this process, we will keep you informed of progress and any additional requirements, ensuring a smooth and stress-free experience. Our commitment is to support you every step of the way, from initial consultation to the final approval of your policy.
Expertise and guidance: Our advisers are experts across all the insurance products you’ll require and can guide you through what is most important for you. They can help you understand the intricacies of different policies and tailor them to your specific needs and budget.
Access to multiple providers: We’re not tied to any insurer, so we’ll you access to a wide range of large UK life insurers. This allows us to shop around on your behalf and find the best coverage at the most competitive rates.
Personalised solutions: We will assess your unique financial situation, lifestyle, and future goals to recommend the most suitable life insurance policy for you. We will help you with the amount you require, the duration, and features to match your individual needs.
Convenience: Instead of having to research and contact multiple insurance companies yourself, we will handle the entire process for you. We will gather quotes, compare policies, and carry out the entire application process, saving you time and effort.
Ongoing support: If you need to claim on your policy or make changes in the future, we’ll be there to provide ongoing support. We can help you navigate the claims process and address any concerns or questions you may have.
Contact Wells Financial to see how we can simplify the insurance buying process, ensure you get the right coverage for your needs, and provide ongoing support throughout the life of your policy.
Life insurance contracts between an individual (the policyholder) and an insurance company. In exchange for regular premiums, the insurer agrees to pay a sum of money (the death benefit) to designated beneficiaries upon the policyholder's death.
Term Life Insurance:
Term life insurance covers a specific period, such as 10, 20, or 30 years. The beneficiaries receive the death benefit if the policyholder dies during this term. Term life insurance is generally more affordable than permanent life insurance but does not accumulate cash value.
The two main types of term assurance are level term assurance and decreasing term assurance:
Level Term Assurance:
In a level-term assurance policy, the death benefit remains constant throughout the policy term. For example, a 20-year level term policy with a £250,000 death benefit will pay £250,000 if the policyholder dies within the 20 years. This is useful for consistent coverage needs, like replacing lost income or supporting a surviving partner.
Decreasing Term Assurance:
In a decreasing term assurance policy, the death benefit decreases at a set rate over time. These policies often cover debts that decrease over time, such as mortgages. As the debt decreases, so does the death benefit, making these policies generally less expensive than level-term policies.
Both types provide coverage for a specified term but serve different financial goals. Level-term assurance offers consistent coverage while decreasing-term assurance matches decreasing liabilities.
What is Terminal Illness Cover?
Terminal illness cover, often included in life insurance policies, provides an early payout if the insured is diagnosed with a terminal illness expected to result in death within 12 to 24 months.
What is Waiver of Premium?
Waiver of premium is a provision in life insurance policies that protects policyholders who become disabled and unable to work. If the policyholder becomes totally disabled as defined by the policy, the insurer waives premium payments for the duration of the disability, keeping the policy active.
In summary, life insurance serves several purposes:
Providing Financial Protection: It offers a financial safety net for your loved ones, replacing lost income, covering living expenses, paying off debts, and funding future goals like education or retirement.
Estate Planning: Life insurance can ensure your heirs receive an inheritance and cover estate taxes or other expenses.
Business Continuity: It provides shareholder protection and critical person insurance and secures business loans or lines of credit.
Overall, life insurance offers peace of mind by providing financial protection and security to your loved ones during your death.
Critical illness cover, also known as critical illness insurance, is a type of insurance policy that provides a lump-sum payment if the policyholder is diagnosed with a specified critical illness or medical condition during the term of the policy. The purpose of critical illness cover is to provide financial protection and support to the policyholder and their family during a difficult time.
Here are some key features of critical illness cover:
Cover for Specified Illnesses: Critical illness cover typically covers a predefined list of serious illnesses and medical conditions. These may include cancer, heart attack, stroke, organ transplant, kidney failure, major organ failure, and other critical conditions specified in the policy (there are typically over 40 illnesses).
Lump-Sum Payment: If the policyholder is diagnosed with a covered critical illness during the term, the insurance company pays out a tax-free lump sum. This lump-sum payment can be used by the policyholder to cover rehabilitation costs, mortgage payments, living expenses, or any other financial needs that arise due to the illness.
No Restrictions on Usage: The policyholder has the flexibility to use the lump-sum payment as they see fit. They can use it to cover lost income if they are unable to work, make modifications to their home for accessibility, or even take a holiday to recuperate.
Term and Renewability: Critical illness cover can be purchased as a standalone policy but is usually added to a life insurance policy (as this offers better value). The term of the policy can vary, but it typically ranges from 5 to 30 years.
Exclusions and Amendments: Once the policy has been underwritten (risk-assessed), the insurer may make some amendments or exclude claims for pre-existing conditions and certain high-risk activities. We will help you navigate this outcome, and we may advise you to apply to a different insurer for better terms.
Critical illness cover can provide valuable financial protection and peace of mind, helping policyholders and their families cope with the financial impact of a serious illness or medical condition. It's important to carefully review the policy terms, coverage limits and exclusions before purchasing critical illness insurance to ensure it meets your specific needs and circumstances.
If your employer doesn’t offer long-term sick pay or you’re self-employed, income protection should be considered. This is a partial replacement of your income to allow you to meet your financial commitments during periods of long-term sickness or disability. Our expert advisors will help you select the amount required, the term and the deferred period.
Here are the key features of income protection insurance:
Replacement of Income: Income protection insurance provides a monthly benefit payment to the policyholder if they are unable to work due to a covered disability. This payment is intended to replace a portion of the policyholder's lost income, helping them maintain their standard of living and cover essential expenses, such as mortgage or rent, utilities, food, and other bills.
Cover for Disability: Income protection insurance typically covers both short-term and long-term disabilities resulting from illness or injury. The definition of disability may vary depending on the policy and may include factors such as the inability to perform the duties of one's own occupation or any occupation.
Waiting Period: Most income protection policies have a waiting period, also known as a deferred period, before benefits are paid out. This is the period the policyholder must be disabled before they become eligible to receive benefits. Waiting periods are typically either 1, 3, 6 or 12 months.
Benefit Period: Income protection policies also specify a benefit period, which is the length of time that benefit payments will continue after the waiting period has been satisfied. Benefit periods can vary and may last for a set number of years, until the policyholder reaches a certain age, or until they are able to return to work.
Personalised Cover: Income protection insurance policies can be tailored to meet the specific needs and circumstances of the policyholder. Policyholders can choose the level of coverage, waiting period, benefit period, and other policy features to align with their individual financial situation and preferences. Our advisors will help make sure that your policy is suitable for your situation and needs.
Income protection insurance provides valuable financial security and peace of mind to individuals and their families by helping to replace lost income during a period of disability. It can be particularly important for individuals who do not have sufficient savings or other sources of income to rely on in the event of a disability.
We would be happy to help with any services you may require. From mortgages to financial services, our team has the experience to deliver. Please call us on 01892 517171 to discuss your needs or complete the form below and we will be in contact shortly.