Life insurance is something we generally discuss with clients when they come to us for mortgage or investment advice, as the two go hand in hand. Our aim is to work with clients holistically and identify gaps in their personal protection – such as if we’re working with a client to obtain a new mortgage deal, it may become apparent that they don’t have sufficient cover in place and at this point our team would step in to ensure that they obtain the protection advice they need.
Andrew Hardcastle is one of our Mortgage and Protection Specialists who takes care of life insurance. He says: “Policies are never a case of one size fits all, because everyone we work with has their own individual set of circumstances.
“For example, I’ve been working with a client recently who is single, with no dependents and therefore doesn’t need life insurance, given that its primary purpose is passing funds onto dependents. However, my client would strongly benefit from income protection and critical illness cover should anything happen where they were off work for a prolonged period, the policies protect their lifestyle and with it their home.
“It’s all about taking individuals on a case-by-case basis and working with them to ensure they have everything in place that works for them and their family, if they have one.”
No two individuals or situations are the same and policies vary hugely depending on specific needs, age, and medical assessments. What a lot of people don’t know is that insurance providers treat different things on different bases, and this is where our team can really add value. We know the policy providers and in which areas one might be stronger than the other; cheapest isn’t always best and it may well be that by speaking with the underwriters, we can establish the best provider for the client.
Imagine trawling through the comparison sites trying to figure which provider is offering not only the best deal but is also providing sufficient and suitable cover. This could take a while and also become quite stressful. Invariably, it’s easier for the experts to do the legwork.
The takeaway here is that off-the-shelf rarely fits better than something that is tailored. It also goes without saying that it’s best to have the necessary protection in place as soon as possible as the younger your age, the cheaper your premiums should be.
Some insurance providers are well known for offering certain types of incentives if you take out protection with them, such as rewards for being more active.
On the idea of incentives, Andrew says: “These benefits are fantastic if they suit your lifestyle, mentality, and personal goals – however this does not necessarily work for everyone. We talk to providers about other policy perks that would be more suitable for our client’s needs, such as ‘dementia and frail care’, added to the end of certain policies, meaning a percentage can be drawn off for elderly and residential care when it’s needed.”
Some providers offer staged payments for example, for someone who suffers with a degenerative eye condition, an increasing percentage of their policy would become available as their sight progressively deteriorated. There are a huge number of variables that can influence protection options, from family history to current health status.
So, what would be your next steps in arranging your cover? Our team will get a far better picture of your needs by having a conversation and working together to form a policy than trusting more basic options available on the internet. This demonstrates the true value of using Tudor as your life insurance broker, because of our access to, knowledge of and relationships with providers. Ultimately, we can save you time and give you that much needed peace of mind knowing that we have taken care of the intricacies that will become incredibly important should you ever need to make a claim.
Whatever your current cover status we’d be more than happy to help you – feel free to book an appointment. We encourage clients to bring their existing insurance policies so that we can do an overview and ensure you have everything you need in place, suggest alternatives if required and ensure that your cover provides true peace of mind.
As with all insurance policies, conditions and exclusions will apply