No matter what your situation, it is likely you will need protection against death, critical illness, or disability. We’ll review any existing cover you may have and assess your new requirements before presenting you with a plan that meets both your protection needs and your budget. We will also help you place your policy into a trust if this is appropriate.

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Life Insurance

This ensures that your dependants have the money to continue living in the home by repaying the mortgage and providing additional funds for bringing up the family. There are two main types of life cover:

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Level Term Assurance

You can use this cover to protect you, your family, your mortgage or a business, for a fixed monthly premium throughout the term you have chosen. The amount of life cover you have chosen will be paid out as a lump sum if you die within the term. If used for a mortgage, this would typically be for interest only. Critical illness is often added to this type of policy.

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Decreasing term assurance

This cover is typically used to pay off a repayment mortgage in the event of death. The plan provides a guaranteed sum of money if you die within the term. The amount decreases over the term of the policy roughly in line with your outstanding mortgage debt. We would typically advise you to include critical illness cover to this policy.

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Critical Illness Cover

Critical Illness Cover will pay out a lump sum if you are diagnosed with one of the specified critical illnesses. Most insurers cover over 40 illnesses including cancer, heart attack, stroke, kidney failure, major organ transplant, coronary artery bypass surgery and multiple sclerosis. We usually recommend adding this to your life insurance policy.

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Income Protection

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. We will help you select the amount required, the term and the deferred period.

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phone icon01892 517171

email iconinfo@wellsfinancial.co.uk