Protect with Prosperous

Protect the ones who matter most by planning with Prosperous Financial, the Protection Broker Expert 2023.

At Prosperous, ensuring our clients have the right protection in place is paramount. With Valentine’s Day approaching, we’d like to share the main types of cover available to protect those you love. 

Life Cover 

Life Cover is one of the most important protection policies to have. Life Insurance pays a lump sum should you pass away during the term of the policy. This sum provides financial support for your loved ones when they need it most. It can help pay off a mortgage, bills, and other expenses should the worst happen. This policy is often required to be in place when getting a mortgage. Typically, this will be the only level of life cover that a person may have before engaging with a financial planner. 

Income Protection 

Simply put, your income is your biggest asset, it pays for your livelihood. If you were unable to work due to illness or injury, could you afford to maintain your lifestyle and cover expenses?

Income protection typically covers up to 75% of your income, less any state benefit entitlements, should you be unable to work due to illness or injury. Income protection will cover a portion of your salary, should you be off work, until you are fit to return.

Income protection can help bring peace of mind that your financial commitments will be covered while you focus on what is most important: recovering. Income Protection premiums are subject to tax relief at your marginal rate.

Specified Illness Cover 

Specified Illness cover differs from Income Protection and Life Cover. A specified illness policy pays you a lump sum if you are diagnosed with an illness covered within the policy. The illnesses’ covered vary depending on the policy and provider you choose to go with but can include illnesses such as cancer, heart attack or stroke. If you can afford to get it, it is one to consider as it means you and your loved ones are protected should you suffer a serious health issue. 

Mortgage Protection 

Mortgage Protection is a type of life cover, but instead of paying your family or next of kin, the policy provider will pay directly to your mortgage provider, usually a bank, in the event of death. 

These are the four main policies we recommend ensuring you protect your loved ones in the event of serious illnesses or, should the worst occur. It’s important to remember to get specific advice to suit your situation before choosing to opt with any protection cover. 

There is no greater gift than the gift of peace of mind.

Contact us today if you would like to discuss protecting your loved ones with a trusted financial advisor or planner.

Protect with Us Today

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