Protection

Do I need Protection?

  • The biggest financial commitment in anyone’s lifetime is when they make a house purchase and take on a mortgage. Depending on location this can be a financial debt of hundreds of thousands of pounds if not millions.

    The scary thing is that people focus so much on buying the home but forget securing the home if an unforeseen event occurs.

    Yet, when it comes to mobile phones. houses or pets we have them insured.

  • At Levana Finance it is not only our job to get you the house - but also keep you in that house.

    Whilst, we discuss your mortgage needs, we will also look to have a discussion on your protection needs.

Critical Illness

Critical illness cover is an insurance product designed to provide significant financial support to individuals facing severe ill-health. It provides cover in the event you are diagnosed with a critical illness listed in the policy and can provide both a lump sum or regular payments to help make life easier following a difficult time. Depending on the policy, critical illness cover can help you meet the costs associated with medical care, make modifications to your home or pay for specialist equipment. It can also help you maintain your lifestyle, cover monthly outgoings or allow you to take time off work to make a recovery.

As a critical illness can be life-changing, taking out critical illness cover can be a wise addition to your life insurance policy. It can provide you and your family with a sense of security and peace of mind should the worst happen. Many critical illness cover policies also come with some form of critical illness cover, which can provide additional protection by paying out a lump sum should you suffer a terminal illness.

When considering a critical illness cover policy, there are many different factors to consider. You should check the terms and conditions of the policy, including the illnesses covered, exclusions, payment amounts and conditions of claim. The best advice is to speak to us to assess your needs and provide advice.

Family Income Benefit

Family Income Benefit Insurance (FIB) is an insurance policy which pays out a regular income to the family of the policyholder should something happen to them and they pass away. It provides financial security for the family they have left behind, helping them pay for everyday expenses such as groceries, bills, mortgage payments, childcare and other household costs. With FIB, the policyholder and their family can be safe in the knowledge that, when they die, their family will be provided for financially.

FIB is similar to a life insurance policy, however, instead of providing a lump sum payment upon the policyholders death, the insurance payouts are usually made on a regular basis. This type of insurance is particularly useful for single income families or families that rely on just one source of income.

In the event of the death of the policyholder, FIB can help to cover ongoing costs, such as school fees, medical necessities and debts. Another way in which FIB can benefit the family of the deceased is by paying for any outstanding bills that may have been left owing, providing further financial security to the family. While no one wants to think about the death of their loved ones, it’s important to ensure that their family are financially secure in the even of such a tragedy occurring. FIB can be a lifeline when you need it most, and provides peace of mind to those who take the time to secure a policy.

Life Insurance

Life insurance is a popular way to ensure that if anything were to happen to you, your family would be financially secure. In simple terms, in the event of your death or terminal illness, the cover would pay off any outstanding debt on the mortgage by paying a tax free lump sum to your dependents.

This is really important as the no cover can mean the bank starts asking your close ones to remortgage the house in their name or clear the balance. If their income isn’t substantial to do so, you will be leaving the property with a debt on it and this could mean they are unable to keep ownership of the house, therefore have to sell and move out.

Having life insurance can give you peace of mind that your family will be taken care of and the mortgage is one less thing they will have to worry about.

Home Insurance

Home insurance is a type of insurance policy that provides financial protection against loss or damage to your home, contents, and belongings. It is important to have home insurance, as it helps cover the cost of any repairs or replacements needed for your home, as well as any personal items that may be damaged or lost. Depending on the type of policy you choose, it may also cover any legal liability arising from accidents on your property or to third parties.

Home insurance provides financial relief in the event of natural disasters, accidental fires, vandalism, and burglaries. It can also help you recover any lost wages due to time away from work while your home is being repaired. No matter what type of policy you choose, it is important to compare different providers and read the policy details carefully before making a purchase. Having adequate home insurance peace of mind in the event of an emergency.

 

Income Protection

Income protection insurance is an important type of insurance that can help people protect their income in case of illness or injury. It provides you with a regular income for a period of time – generally two to five years – until you can return to work or until you reach the end of the policy term.

The main feature of income protection insurance is that it pays out a regular sum of money on a monthly or fortnightly basis, usually up to 75% of your normal before-tax income. This means you can focus on getting back to work, instead of worrying about how you'll pay the bills. Depending on your policy, you can receive payments for a certain period of time or until a specific age. This can vary between policies and insurers, so it's important to find a policy to suit your needs. Income protection can pay out for different expenses, such as rehabilitation fees, medical expenses, or accommodation. It can also provide peace of mind to families that depend on you financially.

Most policies allow you to select the waiting period (the length of time between when the policy begins and when you're eligible to receive payments). It's important to weigh up the waiting period to ensure you select something that best suits your situation. There are also restrictions and exclusions attached to these policies, and you should read the fine print to ensure you understand them. Any income protection policy is designed to help you replace your income if you are unable to work due to an illness or injury, giving you the financial assistance you need when you can’t work.