A protection MOT is necessary in this climate.
Life has a habit of creeping up on us. One minute you are feeling free and paying your way with your low budget earnings. The next you are having to ‘adult’, get your feet firmly on the property ladder, discussing promotions and living through marriages, births and sadly, deaths.
Going from not having to worry about much to worrying about whether you have control over your debts. Wondering what would happen if you were made redundant or how you would cope with a life changing financial disaster. When these questions become overbearing and take over your life you have to sit back and take stock. Like you would with your car, pop the bonnet and work out what is working and what isn’t.
The thing is you aren’t alone there are so many people in the same boat as you and we are pleased to say that lots of those people come to Mortgage Squared for help and guidance. We have people from all walks of life coming to us for personalised advice. We will always take your circumstances into consideration and tailor make the cover for you. Our promise is that we will be there for life, helping ensure that you and your loved ones are appropriately protected.
Below we look at some key factors to consider as part of your financial protection MOT when you have to ‘adult’
The Mortgage Maze
There are many hurdles when looking mortgages. Understanding the process, saving for the deposit, stamp duty, actually finding the home of your dreams, liaising with estate agents, solicitors and surveyors, applications, understanding the lingo, documents and this isn’t the whole list. When you need a helping hand with Mortgages, we have got you covered. Mortgage Squared is an award-winning mortgage broker that are here to help you every step of the way.
|YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE|
Financial safety nets / Health and Wellbeing
To make ourselves super handy to our customers we decided to create Protection Squared. We are a UK-wide advice business focused on helping people secure the right level of protection cover. We take pride in delivering the professional service we provide and firmly believe in the value of personalised advice. Our protection advisers are trained to a high standard and the quality of the advice is constantly assessed. They work within strict guidelines to ensure that the advice and recommended are appropriate for your needs.
Today people are all over keeping their health and wellbeing tip top. But unfortunately, no matter what we do to improve our lifestyle there is always a risk of an accident or serious illness. So, ask yourself these, what would you or your family do if an accident prevented you from working? How would they cope if this resulted in permanent disability?
No one likes thinking these thoughts, but it is an area that we are need to start concentrating on. We have to put plans in place incase the worst happens. Below are the kinds of protection you should think about and see which is relevant to you and your family.
Income Protection insurance pays out a regular tax-free income if you become unable to work because of accident or sickness and could help you keep up with your mortgage repayments and other living costs until you’re able to return to work.
With Accident Protection, you can benefit from a range of additional benefits – including hospital cover, where you will receive a cash pay-out if you have an accident and need to stay in a UK hospital. You can claim whether the accident you have is work related or not. Cover for children is also available with some lenders.
Life insurance and critical illness cover
Life Insurance helps provide financial security for those who depend on you, if you were to pass away. It is hard to understate how important this could be for your family or loved ones. It could pay off the mortgage or provide an income. Many policies typically pay out early if you are diagnosed with a terminal illness and have less than 12 months to live.
Critical (or serious illness) cover often comes as an optional addition to a Life Insurance policy but can also be purchased on its own and will pay out a tax-free lump sum on the diagnosis of certain life-threatening or debilitating non-fatal conditions. Remember to look at the lenders list of what is and is not covered when looking at this cover. This could also include heart attacks, strokes, cancer, and major organ transplants. Remember that cover is relevant at most times in our lives not just when you make a huge life commitment like a mortgage.
Medical care and private cover
The NHS will always be our greatest safety-net but private medical insurance gives you fast access to high-quality treatment when you need it the most. This gives you access to a private GP helpline and video consultations, direct referrals to a consultant without having to wait for your GP, private prescriptions and more. And again, this can be tailored to your needs and your plan personalised for your budget. If you are interested in finding out more, your Protection Squared Adviser can arrange a referral to Vitality Health.
Something that has always been left to the last minute are wills but recently these are being looked into at an earlier age. Nowadays people are far more comfortable talking about their final plans, right down to discussing the choice of music and venue. The key point is ensuring that your assets are passed on to the correct family members.
This is especially important if you have a partner or children. You may not have even considered any of the above, but we can help make the process easy. Protection Squared Advisers work with a specialist partner who can arrange for experienced solicitors to explain things clearly. They can also advise on setting up a Lasting Power of Attorney. This is all about putting in place arrangements to authorise someone to act on behalf of another in private affairs. For example financial, business or health related matters.
When it comes to financial protection advice, Protection Squared are the specialists that care. We can also most certainly help make it easier for you. We aim to support and be with you through life’s big moments.