Insurance is a contract in which one party i.e. the insurance company or the insurer agrees to compensate the other party i.e. the insured for the loss or damage sustained by paying a definite amount, in exchange for the insured paying an adequate consideration called as premium.
Buildings & Contents
Building and Content insurance can be taken out by homeowners or landlords. It covers loss of and damage to your home, garage, shed and their contents, caused by fire, break-ins and weather events.
If you are renting out a residential property, you need to make sure your building and its content are adequately covered. This insurance policy will cover claims due to damages in your property produced by weather, escape of water, fire, theft and accidental damage
This policy helps keep your life on track if you are unable to work due to sickness or injury. Income Protection is designed to help you get back on your feet, covering your monthly income if you’re unable work due to sickness or injury. You will receive a monthly benefit into your bank account so you will be able to stay on top of bills and maintain your lifestyle while focusing on your recovery.
Protect your family. Life Insurance can help ease your worries that your loved ones will be taken care of and will not have to deal with the financial strain that could arise from you no longer being around. They could receive a lump sum of money if you die or are diagnosed with a terminal illness. You may want to consider Life Insurance if you:
- Want to assist your family financially e.g Children’s education and living costs
- Are worried about poor health
- Concerned about mortgage repayments and debts should you pass away.
Relevant Life insurance
Relevant life insurance is for company directors and self employed people. It offers the same benefits as a standard personal life insurance policy except that it is paid for by your company and the premiums paid are usually eligible for corporation tax relief.
Although premiums are paid for by the company, it is important to note that any benefit is ultimately paid to the family of the employee (via a relevant life trust) rather than to the company.
A Relevant Life Plan allows employers to give death-in-service benefits to their employees outside of a registered group life scheme. Our Relevant Life Plan is available as a stand-alone, single life plan.
Premiums can be treated as an allowable expense for the employer in calculating their tax liability, as long as they qualify under the ‘wholly and exclusively’ rules. In most cases the benefits are paid free of inheritance tax – provided they’re paid through a discretionary trust. You may have the option to add a critical illness cover to this policy.
Sometimes even the healthiest people are diagnosed with illnesses they have little chance of preventing – like cancer.
Critical illness benefits are paid regardless of the life insured’s ability to work. The funds can be used for any purpose the policy owner chooses, whether for the reduction of debts, to seek specialist or alternative medical treatment or make lifestyle changes (such as reducing working hours).
Critical illness insurance can be combined with life insurance. Critical illness cover pays a lump sum benefit if the life insured suffers one of the defined Critical Illness events.
Professional Indemnity Insurance
Professional indemnity insurance provides you and your business with protection against claims for financial loss, bodily/personal injury or property damage arising from an act, error or omission in the performance of professional services.
If you are in any kind of profession that gives advice or provides a service, for example: advertising agencies, management consultants or consulting engineers, professional indemnity is a necessity. Your business is your livelihood, so protecting it is paramount.
Whether you’re looking for a basic or higher level of health cover, sMighty Mortgage Deals can help you find a private health insurance product to cater for your lifestyle and budget.
To protect and insure yourself and loved ones, please contact sMighty Mortgage Deals by submitting an Enquiry Form and I’ll search our comprehensive panel of insurers to get you policies that meet your needs, without leaving footprint on your credit report.