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Insurance

comprehensive cover


Life Term Assurance also referred to as Term Assurance or Mortgage Term Assurance. Designed to pay a lump sum (the sum assured) in the event of the death of the life assured within a specified term. The sum assured can either reduce in line with your mortgage balance ( which is known as decreasing term assurance), or can remain the same throughout the term ( known as level term assurance). This is commonly used to repay an interest only mortgage on the death of the life assured, or can provide valuable funds for the family of the deceased to replace their lost income. You could also add an indexation option to your cover. This will ensure your cover stays in line with inflation and will often follow the RPI (Retail Price Index) thus making sure your cover is always enough.

We will advise whether any life policies  that we arrange for you should be placed in Trust for your chosen beneficiary/s so avoiding lengthy probate and to potentially help mitigate against the policy proceeds being subject to inheritance tax.  All Trusts are arranged by us free of charge.

Critical Illness Cover  generally taken out with life cover or as a stand alone policy will pay out a under current legislation  a tax-free lump sum to replace lost income if you were diagnosed with one of many defined serious illnesses. Most insurance companies will cover the main three, Stroke Cancer and Heart attack, although many cover for upwards of 30 different illnesses. Some policies will also offer lump sums for fractured or broken bones. As critical illness cover is designed to cover a specific list of illnesses and events, the quality of the policy you take out is key. Whilst some policies are cheaper than others, they may not cover you for certain illnesses that other, more comprehensive policies do.

Income Protection provides competitively priced and flexible protection solutions against loss of earnings should you be unable to work due to illness or accidental injury. The State may only provide some benefit but unlikely to maintain your standard of living. If your regular outgoings are normally met from income, then taking away that income can have a drastic effect on your ability to meet mortgage and loan payments, as well as household bills and living costs.

Family Income Benefit is a product that should form part of every family’s financial planning. This type of policy will pay an income to the beneficiaries in the event of a valid claim upon death or critical illness of the insured, for the remaining term of the policy. It is generally an affordable way of ensuring your family will receive a long term income in the event of your death subject to a valid claim or you suffering a specified critical illness during the term of the plan.

Accident, Sickness & Unemployment (ASU) policies provide a tax-free monthly income under current legislation if you are unable to work as a result of a period of sickness, incapacity or unemployment. Policies to protect mortgages, loans or credit card debts are often known as ASU policies.

Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk

The typical cost is £9.82 per £100 of monthly benefit. This is based on someone aged 35 and with a 30 day waiting period.

Inheritance Tax Planning and Trust planning is not regulated by the FCA.

Avenue Financial Services is a trading style of Solihull Financial Services Limited, is an Appointed Representative of Intrinsic Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Intrinsic Mortgage Planning Limited is entered on the FCA Register (http://www.fca.org.uk/register) under reference 440718.

Testimonials

  • Our new Remortgage.. Thank you for all you help Kevin this really has been a smooth service for both Steve and myself. Stephen & Sue Clifford

  • Great thanks for all your help over the past few months it has been vital to me getting this house so thank you Kevin. B Hine  ...

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