Personal Protection
This is an area that is often neglected by many. Also with new regulations and provider amalgamations, this is another area which has gone through tremendous changes in recent years to benefit consumers. Just like mortgages, we have access to a panel of providers. Providers such as AIG, Vitality, Aviva, Legal & General, LV and so on.
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You will note anything that affects a third party, you must cover. A lender will insist on an approved conveyancer for the mortgage transaction as they want their security to be of good quality. Clients will pay that fee as it is a condition of the lender. But the same client may wish to avoid used a qualified mortgage advisor because they do not want to pay the fee! So we are prepared to pay to protect someone else’s interests but not our own?
We must have third party car insurance. This is so if we hit an unsuspecting bystander, his interests are protected and a suitable payment is made. The law does not insist on fully comprehensive cover simply because if you are prepared to take a risk, then that’s your choice. Although many will prefer to opt for fully comprehensive insurance to protect their car. But that car was purchased as a result of your hard work. It is all made possible by you and your income.
So why don’t we protect the source of our lifestyles? It is your earnings which pay for the car insurance that protects your car, but why aren’t those earnings protected? Because there is no legal requirement may be the answer.
Why is there no legal requirement? Because if something happened it will be only you and your loved ones who will be affected. There is no law or obligation to protect your own interests.
Why undertake protection through us?
And we find clients who most need the cover are the most reluctant to discuss the issue.
Many of our clients initially come to us for a mortgage. It is often the biggest debt they will have. Sometimes they may struggle to achieve the loan amount even as a couple. So what if one of those incomes was to stop due to death, critical illness, long term illness or unemployment? And your expenses at the same time may increase such as care, maintenance, child minding, house modifications and so on.
Lenders are caring but at the end of day if you put yourself and/or your loved ones in a situation that was avoidable, there is no reason for any lender to give any special treatment or suffer losses. Remember you are the mortgagor and the lender is the mortgagee. It is you that has given the lender your home as security
Just like mortgages, our experts can ensure your cover meets your requirements. Afterall what is the point of taking out cover that may not pay out when it is most needed?
Many online plans are cheaper as they have redacted the coverage to ensure they comply with regulations and buyers understand the simplified contract. As authorised advisors, we can ensure your contract has the full level of coverage that you would expect.
And don’t forget to ensure you have a valid Will in place and suitable Trusts to ensure your intended beneficiaries do not have complications at their time of need. The Financial Conduct Authority do not regulate Wills & Trusts.
Wills & Trusts – Click Here
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