A brief explanation of the options follows:

Life Assurance

Life Assurance, in its simplest sense, is a policy that will pay out a lump sum of money should you die within the policy term. Sometimes a lender insists upon such a policy being in force as a means of ensuring that the debt is paid off, but even if they don't, it is probably something that most couples (especially those with children) would want to purchase.

Health Insurance

We often take our good health for granted but if something goes wrong, what cover do you have. If, like most people, your ability to pay your mortgage and bills depends upon your ability to work then you will probably want to focus on a range of Health Insurance options to protect you, your family and your lifestyle should the unexpected happen.

Critical Illness

This type of benefit would pay out a lump sum of money should you be diagnosed with one of the pre-listed illnesses (Cancer, Heart Attack, Paralysis, MS etc etc). Nowadays, this is a very popular form of protection that can usually be linked to a life assurance policy.

Income Protection

This policy would pay you a regular monthly income if you were signed off work through accident or sickness.

Private Medical Insurance

This type of contract is designed to pay for the majority of the costs that you may incur as a result of being treated at a private hospital. Common providers are BUPA and PPP.

Few people are protected by all three policies and yet as you can see, they offer very different benefits. It is possible to buy plans that combine benefits and in this way the premiums are reduced through the effect of bulk-purchasing.

Unemployment insurance

Since 1995, the Government has stated that new mortgage borrowers will not be entitled to state help in the event of unemployment during the first 9 months of redundancy. Even then benefits are means tested. It is therefore quite important to know what you can and should do if you find yourself out of work.

Without question, the best option would be to insure yourself against such an event.

It is possible to purchase contracts that will combine a number of benefits which simplifies the application process as well as providing better value for money through the effects of ‘bulk purchasing'.

One type of insurance that you will definitely require is Buildings and Contents insurance to protect your house and your possessions. There are a number of features that can be included within such a contract which, whilst adding to the monthly premium, will increase your chances of being able to claim. Accidental damage is probably the biggest consideration when selecting the required cover as this will broadly mean that should you personally cause damage to your home or contents, that you will still be able to claim. Without such an option you will be restricted to claims resulting from 3rd party damage/ fire and theft.

We can discuss the different options with you regarding all forms of personal protection and recommend a variety of packages that could help you avoid the financial consequences of dying or losing your income through ill health or unemployment. Contact us through our website at http://www/premierfs.co.uk for further information.