Insurance
Protection
Whether it’s you, your family or your home, making sure everything is covered provides much-needed peace of mind.
Obtaining the right insurance for you and your home, your income and valuables, is vital. Making sure you have enough of the right sort of cover can be a complex and time-consuming process so calling upon the expertise of an independent insurance intermediary should make life easier.
Your insurance/protection needs will change as you go through life. Perhaps you will start a family, move to a bigger home or change jobs. It is essential you review your protection needs regularly to keep up with your evolving life circumstances. When you take out a new mortgage this is the perfect opportunity to do this.
At Cherry Tree Financial we are specialist advisers on a wide range of insurance services, making sure you get the cover you require to protect you, your family and to meet your individual needs and circumstances.
We work with a panel of leading, specialist insurance providers. This enables us to research the market for the most competitive and comprehensive insurance for clients, taking the stress out of finding the right cover.
Life Insurance
Life insurance gives you the comfort of knowing that your loved ones will be provided for in the event of your death. You can link a life insurance plan to a mortgage, which will pay out a lump sum. This can be used to cover the rest of the mortgage or alleviate any other financial pressure.
Critical Illness Cover
If you are diagnosed with a critical illness, your finances are the last thing you want to think about but the sad reality is you may need to take time off work for your treatment and recovery.
Critical illness cover (CIC) is designed to help, paying out a tax free lump sum when you are diagnosed with one of the defined critical illnesses covered by your policy.
Your specific illness needs to be covered under your policy in order to receive the tax-free lump sum that could be used to pay off your mortgage.
The exact list of illnesses covered varies greatly across the different policies provided by different companies
It is very important to take advice before proceeding to make sure that the policy covers everything you want and need it to include and at Cherry Tree Financial we understand the different policies and can advise which is right for you/your circumstances.
Income Protection
Income Protection is designed to replace your regular income if you are unable to work due to illness or injury and will pay you a percentage of your salary each month, until you return to work or for an agreed period of time. In many instances an employer will offer some sick pay cover, which would be considered when tailoring the policy for your needs, but oftentimes employer provision can be short term and in cases of some employment and self-employment non-existent, leaving a significant financial shortfall if you are unable to return to work quickly.
In most cases our working income underpins our ability to meet our monthly financial obligations, mortgage, utility bills and other standard living costs. Whilst most absence from work is hopefully short term, some illnesses or injury can prevent us from being able to return for much longer periods, if at all. An Income Protection policy allows you the peace of mind to focus on your recovery, without having the added financial pressure of how your monthly obligations will be maintained.
If you would struggle to meet your monthly financial outgoings if you were unable to work, have no sick pay provision, and would prefer not to rely on your savings to bridge the financial gap whilst you recover, Income Protection should be considered.
Family Income Benefit
Family income benefit is similar to life insurance except that rather than paying out a lump sum, the policy pays out a monthly income designed to replace the income of the policyholder. These policies are great as they will replace the income of the person who has passed away, and will mean the family can continue the same lifestyle they have become accustom to.
Accident, Sickness & Unemployment
Often referred to as ASU or Redundancy Insurance, this is a special type of insurance plan that pays out if you lose your income due to an accident, illness or redundancy.
Buildings and Contents Insurance
This is an insurance policy that pays out a sum to cover your home and its contents against damage and theft. Whilst this isn’t a legal requirement, if you have a mortgage then it can be a condition of the loan as the lender will want to ensure that the assets they have lent you money for is covered.