Protection planning
What would happen to your loved ones should you die, become seriously ill or have an accident?
Achieving your financial goals means that you have not only thought about this aspect of your finances but also put in place protection for you, your family, your loved ones or partners in your business.
It’s true that there are a limited number of insurers in Jersey who can offer Jersey residents the type of insurance cover that is needed. We have excellent relationships with the insurers available, and your adviser will work with you on the best solution for you based on your needs and affordability.
We are completely independent and not tied to any insurance company, ensuring we source the most appropriate product to meet your requirements. We search the entire marketplace to offer quotes for life insurance, critical illness, mortgage protection and income protection.
With our long-established contacts within the industry, we have the ability to negotiate policy terms on new and renewal of insurance contracts.
Term life insurance
Provides your life insurance for a specified period, e.g. 15, 20 or 30 years. If you die within the term of the cover, your beneficiaries will be paid a lump sum, which you choose when selecting the policy. When the term ends, your premiums cease and your insurance cover ends. There are two main types of term life insurance available:
Level term life insurance
Covers you for a set amount over a specific period of time. Your insurance premiums remain level throughout and should you survive the policy term, there will be no benefit. As this type of contract only provides cover in the event of death there is no surrender value, so if you stop paying the premiums at any time, your cover will cease.
Decreasing term insurance
Often referred to as mortgage protection policies, provides cover that matches the outstanding balance of your mortgage/loan and will pay a lump sum that can be used to pay off the remaining balance of your mortgage/loan in the event of death and/or diagnosis of a critical illness. Premiums can be guaranteed throughout the term or reviewable at certain intervals, but should you survive the policy term, there will be no benefit. As this type of contract only provides cover in the event of death and/or diagnosis of a critical illness there is no surrender value, so if you stop paying the premiums at any time, your cover will cease.
Whole of life insurance
This covers you for the whole of your life, not a set term. It is usually more expensive as payment is guaranteed and increases in the older years.
Critical illnesses usually include cancer, heart attack, kidney failure, multiple sclerosis, major organ transplant, and strokes. These are known as core conditions and account for the majority of claims. The range of conditions covered varies enormously and details regarding what will and will not be covered will be fully explained to you by our experienced advisers, with supporting documentation available to keep you informed.
Mostly sold alongside a life insurance policy, it can also be a separate policy. Our advisers will discuss your requirements in confidence and advise you on the most suitable cover to protect your financial goals.
Provides cover if you get one of the specified critical illnesses covered by your policy.
It is designed to pay out a lump sum if you are unfortunate enough to suffer from any of the specified critical illnesses but survive for a period of time after diagnosis (normally 28 days). The lump-sum could be used to pay for things like nursing care, home-help, adapting your house to accommodate a disability; it could pay off your mortgage or give you a holiday to recover from treatment.
