Insurance Protection
If your property is freehold, your mortgage agreement may actually stipulate that building insurance is a condition of the contract, so if you fail to take out suitable insurance you could be putting your mortgage at risk.
Of course, if you don’t live in the property yourself but rent it out to a tenant then you might not want to insure the contents – particularly if you rent it unfurnished.
In that case you’d probably be better off taking out landlord insurance, while your tenant would take their own tenants’ insurance policy.
On the other hand, if you live in the property yourself but you own the leasehold rather than the freehold (for instance, if you bought a flat or an apartment), then building and contents insurance might not meet your needs either, particularly if the freeholder has already taken out insurance on the building. Your solicitor should be able to double check this for you.
If you do own the freehold on your home, though (whether it’s a bungalow, a semi-detached property or a terraced house) then you’ll probably want to insure both the building itself and the contents of that building.
If you own a house it might be a good idea to make out a single insurance policy that covers the building and its contents.
In which case you’ve come to the right place: Come and talk to Percom FS to find you a suitable Home or Landlord Insurance Policy.
Getting Income Protection Advice:
There is still a lot that people don’t know about Income Protection and knowledge remains the key to helping people find the right financial protection.
Income Insurance:
Income Assurance: Your Financial Safety Net
In today’s economy, our income is our foundation, supporting our essential needs and fuelling our aspirational desires. But what happens when our income stream dries up? How do we navigate our obligations and what do we decide to let go of?
The Underinsured Self-Employed Population
It’s a curious fact that despite being at the highest risk due to lack of sick pay and employee benefits, a surprisingly low percentage of self-employed individuals in the UK have income protection policies. This suggests that there is a significant misunderstanding about income protection, especially when compared to the widespread uptake of other insurance types, like home insurance.
Interestingly, people in the UK are more likely to insure their mobile phones than their own income. Does this suggest a misalignment in our priorities?
One of the primary reasons for the low uptake of income protection is the mistaken belief among self-employed workers that they’re not eligible for income protection. However, many leading insurers offer bespoke income protection policies that cater specifically to the unique needs of the self-employed.
The Awareness Gap
There’s a lack of awareness about income protection, with many people not knowing it even exists. This gap in knowledge explains why so many people who would benefit from a policy don’t have one.
Regrettably, many individuals confuse income protection with PPI (Payment Protection Insurance). This misconception, along with the recent PPI mis-selling scandals, has led to a reluctance to consider income protection.
Income Protection: A Question of Affordability
Many people don’t have income protection policies because they believe the cost to be prohibitive. However, the actual cost of income protection is often lower than people expect. Additionally, it’s possible to moderate the cost of a policy by choosing appropriate options, such as opting for a longer deferment period.
Rebuilding Trust in Insurers
Trust issues continue to prevent people from purchasing valuable insurance products. A prevalent misperception exists that insurers are unlikely to pay out on income protection claims.
However, the reality is quite different. Insurers often have a high percentage of successful payouts on income protection claims, reflecting their commitment to policyholders. This paints a reassuring picture, and it’s essential to correct these misperceptions to allow individuals to take full advantage of this valuable safety net.
Critical Illness Protection and Family Income Benefit:
Safeguarding Your Health and Income: Critical Illness Cover and Family
Income Benefit
Critical Illness Cover: A Financial Safety Net for Serious Health Issues
Critical illness cover is a type of insurance designed to provide financial protection should you find yourself diagnosed with a severe health condition included in your policy’s terms. This long-term insurance provides a one-off, tax-free payment should you ever need it. This could be used to help manage mortgage payments, rent, debts, or even home modifications, such as the addition of wheelchair access.
The unfortunate reality is that the lack of a critical illness cover can lead to severe financial strain, often leading to the repossession of homes. At Percom Financial Services, we believe in the importance of security. Our aim is to provide clients with optimal finance options to purchase their home and the right protections to ensure they can stay there, regardless of any unexpected health challenges or disabilities they might face.
Family Income Benefit: Maintaining Your Loved Ones’ Lifestyle
What is the Family Income Benefit?
Family Income Benefit is a type of life and critical illness cover that provides a monthly, tax-free payment if the policyholder falls critically ill or passes away during the policy term.
Why Consider This Type of Cover?
The purpose of Family Income Benefit is to provide the policyholder’s survivors with a steady income, compensating for the lost earnings of the insured. This financial support allows the family to maintain the lifestyle they’re accustomed to. It can also safeguard future aspirations, such as sending children to university, which might have been possible with the income of the family member now gone.
Isn’t it Pricey?
On the contrary, Family Income Benefit is one of the more affordable types of life cover, thanks to the competitive premiums available in the insurance market.
How to Get Started?
For free advice and assistance with setting up this type of policy, feel free to get in touch with us at Percom Financial Services. We’re here to help you secure the financial safety net you and your family deserve.