Protection Guide – Choosing the right cover for you

 

1. Understanding Your Concerns

Preparing for a sudden loss can be a difficult process for anybody. Whether that be the loss of your income, loss of your life or the life of a family member.

 

These events can have a major impact on your finances and the finances of the loved one’s you leave behind.

 

The consequence of not having the right protection in place is likely to be severe and could result in a loss of the property that you and your family live in.

2. Are You Financially Exposed?

Assessing your personal financial exposure, in the event of a serious illness, is a sensible thought process as at a time of emotional and medical stress, financial pressures can have a negative impact on recovery.

Arranging protection, before any such event will give you peace of mind financially, allowing you to spend all your time and effort on recovering. This addresses your exposure in the event that your income is effected by long term illness/serious illness. It is also important to protect your family in the event of your death.

3. Choosing the Right Insurer

Different providers take a varying view on how they look at individuals, based on their sex, medical background and job responsibilities, to name a few. This will influence the product that we may recommend and the premiums.

Having a discussion about your background and exposures will allow a suitable recommendation to be made with the correct insurer, ensuring you have the right cover at a competitive price. At One Stop Finance, we use a panel of insurers to help establish the right cover for you.

When applying for a protection product it is important that everything is disclosed to the insurer. This information is required to ensure that the policy is valid in the event of a claim being made and this involves taking full details of your medical history and job responsibilities.

This is an area that needs to be completed with the utmost care, our qualified advisers will help guide you through the application process, ensuring all the information the insurer needs to make a decision has been fully disclosed on the forms.

4. Underwriting

This can be the most frustrating part of the process as the timing varies from insurer to insurer. It is heavily dependent on the disclosures made on the application form.

 

The insurer will have to check the responses, and supporting documentation, to establish the required terms of the cover.

 

For more information, or to set up a personal no obligation review, please contact our Protection Specialists on 020 8441 2605 or 01442 232 272. Alternatively click here for our enquiry form.