Protection
Peace of mind for you and your loved ones.
Get in touch for a free initial chat – we’d love to help!
Get in touch
0203 909 1525
0203 909 1525
0203 909 1525
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Peace of mind for you and your loved ones.
Get in touch for a free initial chat – we’d love to help!
Get in touch
Like most insurances, protection should be discussed & arranged proactively rather than reactively. The younger & healthier you are, the cheaper insurance will be!
We get it – taking out insurance for tangible items, such as our cars, phones and even pets, can be easier to substantiate.
After all, we can physically see what’s being covered and we know their value (unless we’re talking pets – they’re priceless of course).
However, it’s often an afterthought to insure ourselves.
What’s the worth in having insurances for our personal possessions and pets if we find ourselves unable to work or critically ill?
In the worst case scenario, playing devils advocate, what happens to our family and pets if we die?
Consider taking out protection to cover these worst case scenarios to ensure that you can keep up with your monthly commitments and offer your loved ones peace of mind.
You might just be surprised at the cover you can have in place for the same amount as a Netflix subscription or your weekly coffee bill.
Life insurance provides a cash lump sum upon the death of the policyholder, which can be used to pay off your mortgage and/or debts, provide additional funds for your children or even to fund funeral plans.
There’s also a form of life insurance which offers a steady monthly instalments to provide a replacement income upon the death of a policyholder. This is known as Family Income Benefit.
Life insurance isn’t a requirement & some may see little benefit of having a policy.
If you’re single & have no children, a greater need would be an income protection policy.
Alternatively, if you have sufficient life insurance through work, this type of cover wouldn’t be an immediate need. Keep in mind this cover would cease if you changed employment.
If you have a family, life insurance helps ensure that your loved ones are covered for a worst case scenario.
These policies can be in place to cover your mortgage, so that your loved ones are left with a home and not the debt.
The question to ask is would your family meet your mortgage payments and committed expenditure, along with their standard of living, with the loss of income?
Critical illness cover pays out a tax-free lump sum to the policyholder upon diagnosis of a specified critical illness.
Critical illness cover can help pay off your mortgage, any medical treatment that you may need and/or to replace a loss of income.
It’s ultimately down to you how you decide to spend it.
Critical illness cover may not be for you if you have a large amount of savings.
It may not be for you if your partner is able to keep up with all monthly expenditure & any additional healthcare costs in the event that you’re unable to work, due to having a critical illness.
Critical illness cover will benefit you if you’d want to ensure financial security for you and your loved ones in the event of being diagnosed with a critical illness.
Income protection will provide a tax-free monthly income (generally up to 70% of your earnings) if you are unable to work due to sickness or injury.
This policy can help you & your family keep up with your monthly commitments & your standard of living.
If you have a large amount of savings or have an income protection policy through work, you may not require an income protection policy.
If you have no cover through work and your savings would dry up quite quickly, income protection is arguably one of the most important policies available.
It’s great to have policies in place to cover the mortgage debt in the event of death or being diagnosed with a critical illness, however what happens if you’re unable to work for extended periods of time due to sickness or injury?
With income protection policies, you can have a monthly replacement income up until retirement, or for a limited benefit period (for example 2 or 5 years at a time).
For self-employed individuals, there’s even an income protection product available which allows you to set a minimum monthly income, in case you see a decrease in income when it comes to making a claim.
Rather than thinking of how much the policies cost, we recommend thinking of the cost of not having any cover in place.
If you’re unable to work for long periods of time, will you be able to keep up with your monthly payments & standard of living?
Would your family be taken care of in the worst case scenario of you passing away?
It’s easy to think of insurance as a cost, but the cost of having no cover in place could be your family having to sell your home.
Policies will vary in price depending on the type of cover you want, along with your personal circumstances such as your age, medical history, whether you smoke or not and your income.
We aren’t fans of making protection recommendations based on the cheapest policies available.
We recommend policies based on your specific needs & preferences.
Regularly!
We’d recommend reviewing annually.
It’s also important that your policies are reviewed whenever a life changing event occurs, such as having a child, moving home, changing jobs or even getting married.
We’ll help work out any protection shortfalls, and recommend policies based on your specific circumstances.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
We aim to provide the best possible service to our clients. However, if you have a complaint that we’re unable to resolve, please see our complaints policy.
Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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