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Protection Q&A

In the event of a valid claim, income protection insurance pays a regular weekly or monthly income to those who are unable to work due to sickness or injury or those who have to switch to a lower-paid job due to sickness or injury. The main aim is to replace lost earnings, subject to a maximum limit.

The whole point of taking out a protection policy is to protect yourself and your family, why would you want to pay premiums for a policy which may never payout?

Insurers take any non-disclosure of requested information very seriously and have the right to investigate further if they feel that one of their applicants have not told the truth on their application. Some insurers can look at any point request medical information from your GP, and if the dates or condition(s) have not been disclosed, they can cancel the application so you would have paid your premiums for nothing.

It is very important, to make a full disclosure with regards to your health and lifestyle to ensure that in the event of a claim, the policy will pay out the benefit (sum assured).

A decreasing term assurance is the least expensive of the term assurance policies and repays your mortgage debt in the event of death during the period of the loan (s, this is also because the sum assured reduces in line with the outstanding mortgage debt.

All insurers will request information on your family (natural parents and siblings) medical history when insuring you. If your family members have type two diabetes, then some insurers may add a rating upon disclosure which means your monthly premium may increase. Insurers will also need to know about any history of heart attacks/stroke/angina or heart disease if a family member has both Diabetes and issues related to their Hearth than, you would likely be regarded as a greater risk.

Insurers also look at other factors such as your BMI, whether you have had any screenings for the condition(s) along with your age.

We will be able to indicate what your monthly payment may be, once we have completed all of our research so that you would know if an increased premium may apply and the reason for the increase.

To help you achieve the coverage, you require without going through the rigmarole of numerous applications; we can provide specific providers quotes that will offer the most favourable terms. You can then make a decision based on this, with no obligation to take the cover out.

Please remember: failure to disclose anything that is requested may result in the insurer cancelling your policy and not paying out.

There is a minimum age to buy life insurance; this limit can vary by insurers. Generally, the life insured will need to be at least 18 years old to take out a financial contract such as an insurance policy.

Income protection only covers earned income and is not affected by other sources of income.

Yes, smoking Shisha would class you as a smoker. Insurers would, therefore rate the premiums accordingly.

If your family is lucky enough to have a decent sized lump sum of money when you die, then you might not need life insurance.

The point of a conversation about protection is not to sell you something; it’s to evaluate your needs and more importantly advise you if you actually need it and affordability.

Our advisers will go through your individual or family circumstance and discuss this in detail with you.

Depending on the type of cancer, stage and how long ago you had your very last appointment before discharge, yes you may be able to get cover. Some insurers would like you to have been fully discharged from certain cancers for over 5 years, some longer.

During our fact finding stage, we will need to provide all of your medical information to the underwriting team who will let us know if they would be able to offer terms.

In all cases, the insurer will request further information from your GP.

Depending on your age, how long ago you were diagnosed and how well controlled it is yes, we can source a provider that may offer you protection which can include Life Cover as well as Income Protection.

Some providers offer conditions on their covers, such as requesting annual blood test results and others will underwrite your application based on the medical information provided from your GP. Most providers who offer cover to diabetic patients will request either a medical screening, GP report or in some cases both.

If you suffer from diabetes and would like to protect yourself or your loved ones, please do not hesitate to contact us.