Protection

We specialise in cover for the following protection insurance areas from a panel of leading insurers:

Your Borrowings

Providing advice and solutions on insuring your debts such as Mortgages and Loans against potential critical illnesses, accident, sickness, unemployment and death.

Your Family and Lifestyle

Providing advice and solutions on insuring you and your family against potential critical illnesses, accident, sickness, unemployment and death.

Income on Sickness or Unemployment

Providing advice and solutions on insuring you against an accident, sickness or unemployment.

Southcote Financial are keen advocates of protection and we truly believe that every good portfolio and every good plan should have a foundation. Protection can provide much needed financial support at a very difficult time such as the death of a loved one or diagnosis of a serious illness. After all how many people do you know that may have contracted some form of cancer?

Some people choose to avoid the purchase of this form of protection including reasons such as I can’t afford it, it won’t happen to me, there’s nothing like that in my family! The truth is 1 in 2 people will be diagnosed with Cancer at some point in their lives (CancerReseachUK 2014).  At Southcote Financial we are passionate about ensuring our clients protection needs are met in a way that is appropriate for their needs and well within their monthly affordability.

So our aim is to educate our clients by giving them professional financial advice so they understand their own personal worth. An example of this could be answered in a simple question?

What is your biggest asset? Most would answer “My house”

That may be true of some sorts however most likely the real answer is you!

(example only advice given on personal circumstances)

You are aged 35, You earn £35,000 and intend to retire at age 65

A simple calculation is 30 years of work before retirement x £35,000 = £1.05m (pre-tax) this could be the potential loss to your family if you could not work again or die prematurely. Food for thought???

We should all consider protection. How would you cope financially if a sudden illness prevented you from working? We can help provide you with the peace of mind that comes with knowing you are protected if something should happen. Our panel of protection providers offers products to cover a variety of your needs.

Life Cover (Terminal illness)

This covers you and your family against death or terminal illness on either a level basis (i.e cover amount staying the same during the policy term) or a decreasing basis (i.e cover amount reduces each year usually in line with a debt)

Critical Illness Cover

This covers you and your family against the financial impact of a specified diagnosed critical illness on either a level basis (i.e cover amount staying the same during the policy term) or a decreasing basis (i.e cover amount reduces each year usually in line with a debt). It pays out a lump sum should you be diagnosed with an illness as specified under the terms of your policy. Illnesses covered vary depending on the provider and type of policy.

Accident, Sickness & Unemployment Insurance

Also known as Mortgage Payment Protection Insurance, this covers your monthly mortgage payments and certain related costs for a specified period of time if you are suddenly unable to work due to an accident, sickness or involuntary unemployment.

This cover is worth considering when you take out your mortgage or remortgage as you may not get any help from the state with your mortgage payments if you get into trouble.

This 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 www.moneyadviceservice.org.uk.

Income Protection

Sometimes referred to as Permanent Health Insurance, income protection is a cover designed to pay out a monthly income to a set term if you suffer a sickness or accident that prevents you from working in your own occupation, any occupation or your inability to complete some of the activities of daily living depending on how this is set up. Unlike ASU above which usually provides cover for 1-2 years, this type of policy is designed to payout usually until you return to work or retire depending on the provider and occupation type.