Nobody wants to think about the worst. But if the worst were to happen, would you wish you had?
Your family relies on you. As might your business partners, employees and clients. If the worst happened, how would they cope?
MOV8 Financial will tailor a protection solution to meet your objectives. So whether your need is mortgage, family or business-related, our expert advisers will ensure that the correct cover is in place, no matter the outcome. To us, your peace of mind is paramount.
For Mortgage Payment Protection Insurance and Buildings and Contents Insurance we usually offer products from a limited panel of providers
The various forms of protection & insurance, at a glance:
Level Term Assurance provides the life assured with a lump sum benefit payble upon their death. Such a policy can also be effected by a joint lives (e.g. a couple), whereby the benefit would, more often than not, be paid upon the first death.
Such policies are popular with those who wish to insure their lives for a set period of time, maybe until the kids are no longer dependent or until a debt has been repaid.
Such policies can be combined with other forms of insurance, such as critical illness insurance whereby the life assured would receive the lump sum upon diagnosis of a specified critical illness or upon death.
The benefit payable would remain level over the life of the policy, or indeed it may rise depedning on how it is set up at outset.
Decreasing Term Assurance
Decreasing Term Assurance, like Level Term Assurance, pays out a lump sum upon the death of the life assured. However the main difference between decreasing and level term assurnace is that the level of cover on a decreasing policy will reduce over time.
This type of policy is generally most suitable for those wishing to provide cover for a capital repayment mortgage, as the level of the cover will fall in line with the balance of the mortgage. Given that the level of cover decreases over time, this type of policy tends to be cheaper than its level-term equivalent.
As with Level Term Assurance, decreasing term policies can be combined with other forms of insurance, such as critical illness insurance whereby the life (or lives) assured would receive the lump sum upon diagnosis of a specified critical illness or upon death.
Critical Illness Cover
Critical illness cover is designed to ease the financial burden by paying a tax-free lump sum if the person assured becomes seriously ill or totally disabled. The assured must normally survive at least one month after becoming critically ill, before the policy will pay out.
Critical illness cover pays a lump sum benefit on the diagnosis of certain specified critical illnesses. The range of conditions covered has increased over the years to more than 30, although contracts differ from one provider to another.
Such policies can cover individuals as well as joint lives, and can be effected on a level or decreasing basis. Often critical illness cover is included as a feature in a level or decresing term policy, particulary to provide cover for a mortgage.
The conditions covered can vary significantly from provider to provider. With this type of cover it is therefore always advisable to seek professional advice to ensure that the policy is the most suitable for your requirements.
If you were unable to work, how would you and your family cope without your income? In spite of the obvious importance of this question, it is surprising how many people do not consider the benefits of Income Protection.
This type of policy provides an income should you be prevented from working due to sickness or injury. The plan works by paying you an income, usually equivalent to 50 – 65% of your usual annual salary, if you are unable to work for a long period. The income is generally paid until you can return to work, retire or die.
Some insurance policies don’t even require you to be in paid work for you to be able to benefit from Income Protection. For example, for people who are raising children or looking after an elderly relative, this insurance could help to pay for someone to assist that person if they became too ill to carry-out their normal role.
Some employers offer sick pay as an employee benefit so it’s important that any cover takes account of this. Some polices also will only pay-out if you are unable to do any job whatsoever rather than the one that you currently do, so it’s important to ensure that any policy meets your requirements.
A professional adviser will be able to guide you through the variety of options in the marketplace, will ensure that you end up with the right amount of cover at the right price and will ensure that you and your family are fully protected in the event of your being unable to earn.
Buildings and Contents Insurance
Buildings and Contents Insurance doesn’t require much introduction for most people.
It’s a “given” that should your property be damaged, by the elements or otherwise, then you should be insured against the cost of any remedial work. Similarly, should you lose or damage any of your possessions, then it can be very expensive to have them replaced. A Buildings & Contents policy can therefore give you the peace of mind that such costs would be met.
It is actually a condition of mortgage lending that your building be insured, however most homeowners also see the sense in insuring its contents. In these days of advanced technology it is even more relevant.
However, different policies cover different things and have different exclusions: for example, some may cover garden equipment as standard, but some may not. Some providers may offer a low premium but insist on a vast policy excess.
As with the other forms of protection, it is important that the most suitable policy for your own circumstances be put in place. Therefore, please contact us to discuss your requirements.
Business Protection can take many forms:
Partner/Director Share Protection
A life assurance policy that pays out a pre-determined amount on the death of a partner/director of a company (Critical illness cover can be combined).
Such a policy allows the remaining partner(s)/director(s) the ability to buy out the deceased share of the business. Assuming that the appropriate legal agreements are in place this will assist the remaining partner(s)/director(s) in retaining control of their business.
Partners and Directors need to consider who would be in control of the business if one of the partner(s)/director(s) passed away?
Key Person Protection
A life assurance policy that is written on the life of the key person within the business but is owned by the company )i.e. the company pays the premiums).
Such a policy therefore helps to safeguard a business against the financial effects of a death or critical illness of a key person.
What would be the cost to your business of losing one of your key personnel? Would there be a financial loss? Perhaps additional training costs?
Business Loan Protection
A life assurance policy that helps the business repay an outstanding loan, overdraft or commercial mortgage in the event of death or critical illness.
The policy allows the business to clear any outstanding finance in the event of death or critical illness. The money will be paid directly to the business.
The loss of any individual who has guaranteed a loan is serious. What would be the implications to your business?
After the mortgage was decided on, Robin also helped hugely by filling in the majority of insurance forms. We would definitely use Mov8 Financial again in the future.
Mov8 were fantastic, they talked and walked us through the process only asking us for the information required and doing the lion’s share of the time-consuming leg work and chasing of involved parties
MOV8 helped make sure this process was as simple as possible. They laid out all my options, in a very easy to digest manner and offered helpful advice but all with no pressure and no obligation to pursue any of their proposed options.
Your home may be repossessed if you do not keep up repayments on your mortgage