Protection
Life can change in an instant, but the right protection ensures you and your family are financially secure no matter what happens.
From life cover to income protection, critical illness cover to mortgage payment protection, we help you put the right safety net in place. Our independent advisers cut through the complexity of the protection market to find policies that fit your needs, budget, and lifestyle.
Want to learn more about protecting your wealth and your family? Speak to Our Team
Our Protection Services
It’s human nature to live for today without planning for tomorrow, but what happens when it’s too late?
It’s human nature to live for today without planning for tomorrow, but what happens when it’s suddenly too late? We wholly understand how important it is to live life to the full and take every day as it comes, but it is equally important to think ahead to protect yourself and your family for the future. While you may not want to think about life assurance and the “what ifs”, protection planning is essential to ensure that you and your loved ones are safeguarded against the worst-case scenario. The protection marketplace is an extremely competitive one with a wide range of policies including different features and costs. With life cover, critical illness, income protection and mortgage payment protection all common components of a sturdy protection plan, our experts will identify the most effective solutions to fit your circumstances and budget so that you can enjoy every day with total peace of mind. For more information and tailored advice on our range of protection policies, call Macalvins Wealth today on 020 8371 3113 or email advice@macalvinswealth.com
Critical Illness Cover
Being diagnosed with a critical illness would have a major impact on your life and the lives of those around you, which is why Critical Illness Cover should be viewed as a key component of your protection arrangements. A Critical Illness plan will pay out a lump sum if you are diagnosed with one of the illnesses specified in the plan and survive for a period of time after diagnosis (usually 28 days). Funds can be used to assist in dealing with physical, emotional and financial traumas following diagnosis. They may cover unexpected bills such as nursing care, home help, travel expenses, and adapting your home to accommodate a disability. You can also use the funds to pay off your mortgage or pay for a holiday to aid your recovery from treatment.
What conditions will my Critical Illness Plan cover?
Plans typically cover core conditions that account for the majority of claims, including cancer, heart attack, kidney failure, multiple sclerosis, major organ transplant and strokes. Permanent Total Disability may also be included.,The comprehensiveness of conditions and level of cover varies between insurers, which is why it’s important to carefully check the full terms and conditions of any critical illness cover before deciding on your policy. Our protection specialists at Macalvins Wealth will assist you in finding the right cover to fit your circumstances. We also offer access to the best deals available on the market to meet your needs in the most cost-effective and comprehensive way.
Income Protection Insurance
Should you find yourself unable to work and maintain your regular income due to illness or injury, Income Protection Insurance is a comprehensive form of cover that will help keep financial troubles at bay. When it comes to Income Protection Insurance, we would like you to think about the following questions:
Protection against Long-Term Incapacity
Also known as Permanent Health Insurance or PHI, Income Protection Insurance provides a safeguard against the devastating impact of long-term incapacity with a monthly, tax-free income. These monthly pay-outs continue until you return to work or the policy reaches the end of its selected term (usually retirement age). Providers offer a considerable choice of cover and the cost of this insurance varies depending on a number of factors, including your age, smoker status, occupation and state of health at the time of taking out the policy. Our specialists at Macalvins Wealth will identify the best type of policy for you that strikes a balance between cover required and monthly cost. Our team also have specialist expertise in setting up protection policies for the self-employed, who will have no employer to pay their salary in the event of long-term incapacity.
-
If you were unable to work and maintain your income, would your family be able to maintain mortgage payments?
How much support would State Benefits provide?
Do you have any savings? If so, how long would your savings last?
Do you have any Income Protection cover provided by your employer?
For how long would your employer pay you in the case of long-term absence? Would your salary continue for a limited period?
When your savings have been exhausted and the basic State Benefits provide the only option to fall back on, you may quickly find yourself in a financially precarious situation.
Life Cover
The future is notoriously hard to predict which is why it is vital that we are prepared for whatever life may throw at us. Life insurance (also known as life assurance) can cover your mortgage and financially support your dependents should the worst happen. It offers peace of mind in knowing that the people you care about most in the world will be protected should you suddenly pass away. At Macalvins Wealth, we offer two distinct types of cover – Term Assurance and Whole of Life.
-
Term Assurance is designed to pay either a lump sum or a regular income in the event of your death. In exchange for a monthly premium, the insurer will pay out a certain sum if you die before a pre-agreed date. If you survive the term, the policy will simply cease.
-
This type of policy is usually more expensive since it offers cover for the whole of your life. Again, you pay a monthly premium and, in return, in the event of your death the insurance will pay out either a lump sum or the value of the invested fund, whichever is higher. Our life cover specialists take the weight off your shoulders by assessing the best options for you depending on your circumstances. We will explain the benefits of each policy opportunity and complete all the necessary steps on your behalf.
-
If you currently have a life cover policy, we will execute a thorough review to ensure that it is sufficient for your current needs. If, for example, you have a larger mortgage than before, you’ve had more children, or inflation has eroded the value of the cover you previously affected, we will make recommendations on how best to improve your protection policy. Regular reviews are essential to ensure you have the most comprehensive cover for your present situation.
Our life cover specialists take the weight off your shoulders by assessing the best options for you, explaining the benefits (and disadvantages) of each policy type, thereby allowing you to make an informed decision on the most appropriate route.
With our support, you can rest assured that your life insurance policy will provide the most effective solution in both cost and cover and that we will consider all the factors to identify the best solution for your circumstances.
Mortgage Payment Protection
If you were suddenly unable to work and maintain a regular income due to illness, accident or involuntary unemployment, would you be able to find the money required to keep up with your monthly mortgage repayments? If so, for how long could you realistically manage the situation? Mortgage Payment Protection offers reassurance and a safeguard when you need it the most, providing a regular income to cover your mortgage payments for a specified period of time (typically a 12- or 24-month period).Our expert protection team will identify the key factors that affect your premium costs including your age, the cost of your repayments and the type of job you have, in order to work out the most effective type of cover to meet your needs.If you have existing cover in place, our mortgage specialists will conduct a review to check that it meets your current requirements in the most cost-effective way, and make recommendations for improvement where necessary.
