Insurance

life insruance

Life Insurance

critical illness

Critical Illness

house with number one inside

Income Protection

hands holding house

Family Income Benefit

house with to let sign

Business Protection

business owner icon with laptop

Home Insurance

  Life Insurance

life insruance

Life insurance offers financial protection following death or diagnosis of a terminal illness. The policy can pay a tax-
free lump sum used to clear your mortgage and support those who were financially dependent on you. This prevents
loved ones being left with the financial burden of maintaining mortgage payments in the event of your death. The
policy must be written into trust to ensure funds are not subject to inheritance tax and probate does not have to be
granted before funds are released.

critical illness

  Critical Illness

  Critical Illness

critical illness

​Critical illness cover offers financial protection if you were to be diagnosed with or suffer from a serious health condition. This includes cancer, heart attack, stroke, multiple sclerosis, dementia and many more conditions including cover for children. The policy provides a tax-free lump sum which can be used to clear your mortgage debt, fund recovery treatments or allow you to make necessary adjustments to your home.

 Income   Protection

house with number one inside

Income protection offers financial protection if you are signed off work by a doctor for any reason. The policy provides a tax-free monthly income until your anticipated retirement age. This allows you to stay in your home by providing funds to pay the bills and most importantly allowing you to maintain your quality of life. Monthly benefit payments will begin after your deferred period ends. This can be adjusted according to the level of sick pay you receive. Statutory sick pay (SSP) currently stands at £96.35/week, if this wouldn’t be enough to support your lifestyle then you should consider income protection.

hands holding house

 Family Income   Benefit

 Family Income   Benefit

hands holding house

Family income benefit offers financial protection for loved ones following death or diagnosis of a terminal illness. The policy pays a tax-free monthly income, as opposed to a lump sum, to allow family who were dependent on your earnings to grow up with the same standard of living you were able to provide for them. Policies can be in sole or joint names, depending on who needs to be insured. 

 Business   Protection

house with to let sign

Business protection incorporates various specialised insurance policies designed to financially protect the business, directors, key employees and their families. Policies include shareholder protection, relevant life cover, key person cover and executive income protection.

  • Shareholder protection offers financial security to deceased business partners families as well as business security for surviving business partners. 
  • Relevant life cover allows businesses to offer death in service to employees, including limited company directors. 
  • Key person cover allows businesses to insure the lives and health of vital employees, including limited company directors, for the benefit of the business.
  • Executive income protection offers limited company directors the chance to ensure their income should they be unable to work due to accident, sickness or disability. This includes salary, dividends and P11D benefits with the option to include pension contributions and national insurance contributions. 

All policies are paid for by the business and are hence a tax-deductible business expense. By offsetting against corporation tax, this affectively reduces the cost of the premium by the respective amount. All eligible business protection policies are written into trust and the proceeds of any policy are paid tax free.

business owner icon with laptop

 Home   Insurance

 Home Insurance

business owner icon with laptop

Normally referred to as buildings and contents insurance, home insurance covers your property and everything in it. While is often sold together, buildings cover and contents cover are two separate types of insurance. 

Buildings insurance covers the cost of repairing the structure of your property if it’s damaged or destroyed by fire, storm, flood, or whatever else life throws at it. Buildings insurance is a mandatory requirement from all lenders, as detailed on your mortgage offer. You must insure your property for the full reinstatement value which refers to the cost of rebuilding your property. Failure to insure your property contravenes the terms of your offer and leaves you liable for the mortgage debt if the property is damaged or destroyed. 

Contents insurance covers the cost of the items in your property if they’re stolen, damaged or destroyed. Items covered include everything that would fall out of your property if you turned it upside-down. You have total flexibility over the level of contents insurance you take and can choose whether you wish to ensure specific ‘key items’, take a lump sum of cover or both. The contents of your property make your house a home and while this is not a mandatory insurance, it is highly recommended. 

If you would like a quote for buildings and contents insurance, we can provide this for you. All the providers we work with are 5-star Defaqto rated. While they won’t be at the top of any price comparison site list, they do offer comprehensive cover.

Are you and your loved ones protected?

Life insurance isn’t just about a standard policy protecting your mortgage debt in the event of death. Protecting your quality of life, and that of your families, from suffering a critical illness or being unable to work is just as important. How would you survive if you lost your income?

Speak to us

Each insurance provider has different medical underwriting procedures and covers different health conditions. It’s our job to know all this inside out so we can give you the informed service you should expect. We aim to provide you and your family the most comprehensive protection portfolio that’s affordable both now and going forward. 

Put your feet up

We take care of the whole process for you from submitting the life insurance application, chasing your GP to complete any necessary medical report and starting the cover from your chosen date. Where possible, we will place your policies into trust to ensure they are not liable to inheritance tax and funds can be released before probate is granted. At Ferro Financial you can be confident you’re in safe hands from start to finish.