Life insurance is a type of insurance product that pays out a lump sum to your loved ones after you pass away. This can be incredibly helpful if your family were to find themselves in a difficult financial situation without your input.
Arranging life insurance can be a daunting prospect, but as you’re reading this, it’s probably on your radar. Life insurance is an essential product that protects the people you hold closest. But, like other people, you haven’t yet got round to sorting out your policy.
Have other priorities arisen? Perhaps you aren’t sure how it all works, or because you think life insurance will be too expensive for you? If you’re busy and haven’t got the time to sift through quotes and jargon, don’t worry. We can do it for you.
If you’ve never taken out life insurance before, it can seem confusing and time-consuming, which Isn’t ideal when you lead busy lives. There are many different types of cover, each with its benefits to suit your circumstances. At Hampton Home Finance, we can get the most out of your requirements providing you the most suitable products to protect you family.
Critical illness is a product where you can receive a lump sum should you fall ill from a specified serious illness. We provide recommendations based upon your individual circumstances and arrange the required protection policies for Critical Illness.
Some providers will also pay out a smaller lump sum, known as a partial payment, should you be diagnosed with a critical illness which meets the providers definition. Typically, these partial payments do not impact on your overall sum assured.
These policy benefit lump sums can be used however you see fit, for example to repay debts such as a mortgage, towards alterations to a property, or towards moving property should you need to.
Not all conditions are covered, and each provider has a different amount of overall conditions covered within their policy. The ability to claim on a Critical Illness policy is not based on your ability to work, but meeting the criteria set out by the provider as specified on the inception of the policy.
Depending on your situation and budget, the most suited provider can vary. It’s important to understand the comprehensiveness of a policy is not always linked to the premium. In addition, where one provider may place exclusions on an existing condition or increase the premium as a result of it, others may not. At Hampton Home Finance we understand and research these providers to ensure the most suitable products at the right value.
Have you ever thought how we may keep you up to date with your mortgage payments should you be unable to work due to long term illness or injury? You never know what problems you may face in the future. Here at Hampton Home Finance we have you covered. We can look at a comprehensive policy taking into account your current sick pay allowance and ensure your income is supplemented should you fall ill.