At Granite Financial Management we’re real people who know that sometimes in life things don’t go according to plan.
Looking after your family and ensuring that there are adequate funds to cope with the unexpected will probably form the cornerstone of your financial planning.
Illness, job loss, or the death of a wage earner can plunge families into serious financial hardship, but with all the insurance products now available, knowing which products are right for you may seem a daunting prospect.
Whether you are concerned with the need to provide for your family in the event of your death or feel that your greatest risk is from illness, there is a product to meet your needs. If your partner also contributes to the family income they too could have a separate plan or you may consider a joint policy covering you both.
Whatever the circumstances, our experienced advisers can help you build a complete programme of protection to meet your needs, and it can be built to adapt to future changes in your circumstances.
You only get a pay-out within the 'term' of your policy. The payout you get is fixed from the start of the term until the end. Level term assurance then guarantees a known lump sum pay-out upon death within a fixed time.
Family Income Benefit.
These policies are intended to meet the needs of parents with (or planning to have) children to offer protection in the event of their death(s). They provide for an income payable from the date of death until a fixed time in the future (e.g. the youngest child's 18th or 21st birthday).
Whole of Life Assurance.
These are policies that provide life assurance for the whole of your life. Whole of Life insurance guarantees to pay out in the event of death, whenever it occurs, generally as long as the premiums are paid. The premium you pay may also include an investment element which helps to pay for the cost of cover over time.
Critical Illness Cover.
For many the financial risks of a serious illness or injury are more important (and likely) than death, as it may lead to loss of work, treatment and additional care costs. A critical illness policy will make a lump sum payment on diagnosis of defined “critical” illnesses, serious conditions or injuries. The covered conditions, and level of payment, vary greatly from policy to policy so it is vital to read the terms and conditions of each rather than simply choosing the cheapest.
Income Protection Insurance is designed to pay a regular tax free monthly income if you are unable to work due to illness or injury, but as defined by the terms of each individual policy.
Most types of protection policies do not have a cash value, unless a valid claim is made.
If the premiums are not maintained the cover will lapse.