Protection - The Finance Company

Q: What are the different types of insurance available?

There are several types of insurance and protection solutions available to address various aspects of life and business. Some of the types of insurance we can help you with at The Finance Company include: Life insurance Critical illness cover Income protection Rental protection Writing a will advice Key person insurance Buildings and contents insurance Family income benefit It is important to select insurance policies that align with your specific needs and circumstances to ensure comprehensive protection. Speak to one of our specialist brokers who can assist you with finding the right insurance or protection cover you need. Note that not all services we offer are covered by the FCA.

Q: How long does it typically take for an insurance claim to be processed?

Insurance claims can take anywhere from three to 60 days or even longer in some cases. The time it takes for an insurance claim to be processed will vary depending on the type of insurance, the complexity of the claim, and the individual insurance provider's procedures. Factors that can impact the length of time for insurance claims to be process can include: Type of insurance: A simple insurance claim for minor damages might be processed more quickly than a complex homeowners insurance claim involving extensive property damage. Completeness of documentation: Incomplete or incorrect information may lead to delays as the insurance company seeks further clarification. Investigation and assessment: In some cases, the insurance company may need to conduct an investigation or assessment of the claim before processing it. Claim complexity: Claims that involve multiple parties, complex legal issues, or significant amounts of money may require more time for thorough evaluation and resolution. Claim volume: High claim volumes can also lead to delays as insurance companies handle a higher workload.

Q: What happens to my insurance coverage if I change jobs or retire?

Your protection cover should be reviewed on a regular basis to make sure your protection plans continue to meet your needs. This is especially the case if you have a change of circumstances, such as a new job or additional monthly financial commitments, like getting married, retiring or having a baby. Please feel free to contact us to review your plans at any time.

Q: What factors determine my insurance premiums?

Your insurance premiums are influenced by several key factors, including: Height and weight/BMI : Insurance providers may consider your height, weight, or Body Mass Index (BMI) as it can be indicative of potential health risks. Age: Age is a significant factor in determining insurance premiums. The younger you apply the cheaper your premiums will be depending on your circumstances. Smoker status: Whether you are a smoker or a non-smoker can greatly impact your insurance premiums. Medical history and family medical history: Your personal medical history and any family medical history can influence your premiums. Pre-existing medical conditions or a family history of certain illnesses may result in higher premiums. Coverage amount: The level of coverage you choose directly affects your premiums. Higher coverage limits or more extensive insurance policies often come with higher premiums.

Life insurance

Life insurance is a financial product that provides a lump sum payment to your beneficiaries upon your passing

Critical illness cover

Critical illness cover is a type of insurance policy that provides financial protection in the event of being diagnosed with a severe illness or medical condition.

Income protection

Income protection is a type of insurance policy that provides financial support in the event of an individual being unable to work due to illness or injury.

Rental protection

Rental protection is a form of insurance that provides coverage and financial security to landlords.

Writing a will advice

Professional guidance and assistance in creating a legally binding document that outlines how an individual's assets and possessions should be distributed upon their passing.

Key person insurance

Key person insurance is a type of business insurance that provides financial protection to a company or organisation against the potential loss or absence of a key employee or business owner.

Buildings and contents insurance

Buildings and contents insurance is a type of insurance policy that provides protection for both the physical structure of a property (building) and the personal belongings within it (contents).

Family income benefit

Family income benefit is a type of life insurance policy that provides a regular income to the surviving family members in the event of the policyholder's passing.

We appreciate that it can sound daunting or even a little scary. But, envisioning the possibility of unforeseen circumstances emphasises the significance of having a well-prepared strategy. In the event of an unfortunate occurrence, having a comprehensive life insurance plan can mean the distinction between your family's ability to sustain their way of life, settle their mortgage, or risk losing their home.

Life insurance offers you and your loved ones the essential financial security necessary for peace of mind. It extends beyond just monetary assurance and provides practical assistance and emotional support in times of need.

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Life insurance

Life insurance is a financial product that provides a lump sum payment to your beneficiaries upon your passing, offering crucial financial security for your loved ones. It ensures that they can maintain their lifestyle, settle debts like mortgages, cover expenses, and even replace your income. By securing life insurance, you provide a safety net that relieves your family of financial burdens, guarantees their future well-being, and offers you peace of mind knowing that they will be taken care of when you are no longer there to support them.

Critical illness cover

Critical illness cover is a type of insurance policy that provides financial protection in the event of being diagnosed with a severe illness or medical condition. Attaining critical illness cover is highly advisable due to its numerous benefits. This policy offers a lump-sum payout if the policyholder is diagnosed with a critical illness specified in the policy, such as cancer, heart attack, stroke, or organ failure. It serves as a financial safety net, helping individuals and their families cope with the significant costs associated with medical treatment, rehabilitation, lifestyle adjustments, and ongoing care. Critical illness cover enables individuals to focus on their recovery without the added burden of financial strain, ensuring a more secure future.

Income protection

Income protection is a type of insurance policy that provides financial support in the event of an individual being unable to work due to illness or injury. Obtaining income protection is highly advisable for several reasons. This policy ensures that if you are unable to work and earn a regular income, you will receive a portion of your salary as a replacement income. It protects individuals and families from the financial hardships that can arise from an unexpected loss of income. Income provides ongoing financial support, covering daily living expenses, mortgage or rent payments, and other financial commitments. It can be particularly valuable for self-employed individuals who do not have access to sick pay or other employment benefits. By securing income protection, you can safeguard your financial stability and maintain a comfortable standard of living during difficult times.

Rental protection

Rental protection is a form of insurance that provides coverage and financial security to landlords. It safeguards landlords against potential risks and losses associated with renting out their properties. Rental protection policies typically offer coverage for scenarios such as loss of rental income due to tenant default or damage caused to the property by tenants. By securing rental protection, landlords can mitigate the financial impact of situations where tenants fail to pay rent or cause significant property damage, helping to ensure a consistent and stable rental income stream. It enables landlords to reduce the potential financial burden that can come with void periods, allowing them to focus on managing their properties efficiently. Rental protection is a valuable investment for landlords, offering an added layer of security and minimising the financial risks associated with rental properties.

Writing a will

This refers to seeking professional guidance and assistance in creating a legally binding document that outlines how an individual's assets and possessions should be distributed upon their passing. A will is crucial for several reasons. Firstly, it ensures that your final wishes are clearly stated and legally recognised, minimising the potential for disputes or confusion. Additionally, receiving expert advice helps you understand the complexities of inheritance laws and tax implications, enabling you to make informed decisions regarding your estate. Writing a will also allows you to appoint guardians for any dependents and specify funeral arrangements. By seeking will writing advice, you can ensure that your assets are distributed according to your wishes, protect your loved ones' interests, and provide clarity for your family during a difficult time.

Key person insurance

Key person insurance is a type of business insurance that provides financial protection to a company or organisation against the potential loss or absence of a key employee or business owner. This insurance policy typically covers individuals who are vital to the success and stability of a business, such as key executives, founders, or employees with specialised skills. Acquiring key person insurance is crucial for several reasons. It helps mitigate the financial impact that may arise from the disability, critical illness, or passing of a key individual, as it provides a lump-sum payout to the business. This payout can be used to offset the costs of recruiting and training a replacement, maintaining business operations during the transition period, or even compensating for a loss in revenue. Key man insurance acts as a safeguard, ensuring business continuity and protecting against the potential financial risks associated with the absence of a key person in the organisation.

Buildings and contents insurance

Buildings and contents insurance is a type of insurance policy that provides protection for both the physical structure of a property (building) and the personal belongings within it (contents). It is highly advisable to obtain buildings and contents insurance for several reasons. Firstly, it covers the cost of repairing or rebuilding your home in the event of damage caused by perils such as fire, floods, storms, or vandalism. This ensures that you are financially protected against the substantial expenses of property repairs or reconstruction. Additionally, contents insurance protects your personal belongings, including furniture, appliances, electronics, and valuables, against loss or damage due to theft, accidents, or other covered events. By securing buildings and contents insurance, you can have peace of mind knowing that your property and belongings are safeguarded, allowing you to recover financially from unforeseen events and maintain a secure living environment.

Family income benefit

Family income benefit is a type of life insurance policy that provides a regular income to the surviving family members in the event of the policyholder's passing. Rather than a lump sum payout, this policy pays out a monthly or annual income for a predetermined period. Securing a family income benefit policy ensures that your loved ones are financially supported and able to maintain their standard of living after your passing.

The regular income can cover essential expenses such as mortgage or rent payments, bills, education costs, and daily living expenses. This policy is particularly valuable for families with dependents or individuals who are the primary earners. Family income provides peace of mind, knowing that your family will have ongoing financial support during a difficult time, allowing them to adjust and develop in the absence of your income.

1. What is insurance and why do I need it?

Insurance is a contractual agreement between an individual or entity (the policyholder) and an insurance company (the insurer). In this arrangement, the policyholder pays a premium at regular intervals, and in return, the insurer agrees to provide financial protection or compensation for specific risks, damages, or losses outlined in the insurance policy.

The primary purpose of insurance is to transfer the risk of potential financial losses from the policyholder to the insurance company. It acts as a safety net, offering peace of mind and financial security to individuals, businesses, and organisations. It is important to select insurance policies that align with your specific needs and circumstances to ensure comprehensive protection.

Speak to one of our specialist brokers who can assist you with finding the right insurance or protection cover you need.

2. What are the different types of insurance available?

3. How long does it typically take for an insurance claim to be processed?

4. What happens to my insurance coverage if I change jobs or retire?

5. What factors determine my insurance premiums?

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Purchasing life insurance might be the most crucial financial decision you ever make.

Life insurance

Critical illness cover

Income protection

Rental protection

Writing a will advice

Key person insurance

Buildings and contents insurance

Family income benefit