Protection Insurance: Most Homes are Not Covered

Back in January, I appeared in an FT Advisor article about the lack income protection with a quote:

“It’s true that confidence is low regarding protection. A minimum level of protection would be useful and a drive by insurers to dispel some myths regarding what they will pay out on would also improve confidence in protection products.”

Six months later, the situation is much the same. Mortgage Strategy recently published an article which says that nearly 60% of mortgaged homes do not have any protection insurance whatsoever.

The article goes on to note that even those which have some protection are mostly only covered for death or critical illness. Income protection (in case of the loss of a job) is even scarcer.

It is a good time to consider your mortgage, your savings, and your insurance. If you need help, give us a call. We are independent financial advisers – we are here to help you find the best protection for the biggest investment you’re likely to make.

Posted in Income Protection, Insurance

Watch the Insurance Market as They Explore New Technology

With all the excitement around growth and changes in the mortgage market, perhaps the the protection market has slipped under the radar. In a lot of ways, the two markets go hand in hand and changes to the way people buy property certainly affect the way insurance is bought and sold.

That is not to say that they are simply two sides of the same coin, though. While the lenders are improving their product ranges, insurers are at the point of completely rethinking the way they offer protection thanks to evolving technology.

One particular change we expect is that policies will be increasingly tailored to the individuals who take them out. An article from Money Marketing focuses on wearable technology and health, but that is just the tip of the iceberg.

The insurance industry has a lot to work with, and to work through. Trials of new technology will fuel important discussions on ethics and practicalities. So, watch this space!

Posted in Income Protection, Insurance, Life Assurance

Limetree in FT Adviser About Mortgage Protection

Our James appeared in the FT Adviser last week to discuss mortgage protection.

Mortgages are complex products, and they come with a big risk to people who find themselves unable to pay. One way to help with that risk has been to purchase protection plans.

However, the public has been unhappy with protection plans, recently. In part, this is because other sectors have come under a lot of scrutiny for mis-selling protection plans.

But, as James said:

“It’s true that confidence is low regarding protection. A minimum level of protection would be useful and a drive by insurers to dispel some myths regarding what they will pay out on would also improve confidence in protection products.”

As with any product, customers need to know as much as they can about what they are buying. This is doubly true for investments which come with risks.

If you’re not sure where you are with mortgage protection, drop us a line. We are not pressure-sales people, our advice is unbiased and we can help with all aspects of your mortgage.

Posted in Income Protection, Mortgages

LV= Radically Enhances Critical Illness Cover

LV= has dramatically improved its critical illness cover, paying out twice the original sum for certain illnesses.

The double cover is the headline enhancement in a raft of changes to its policies. Overall, LV= is now offering:

  • 200% cover for specified conditions (for example loss of speech, paralysis of a limb, traumatic head injury) caused directly by an accident
  • 150% cover for customers under 45 diagnosed with certain neurological diseases
  • Cover now available for 11 more conditions, including nine new partial payment conditions
  • Definitions for motor neurone disease and terminal illness
  • Maximum age for cover increased from 60 to 65
  • Children covered for the same number of illnesses as adults

There is a cap of an additional £200,000 on the double payment feature. The new full payment conditions are cardiac arrest and pneumonectomy, while the partial payments are:

  • Accident hospitalisation
  • Arteriovenous malformation of the brain
  • Carcinoma in situ cervix
  • Carcinoma in situ urinary bladder
  • Minor stroke
  • Minor heart attack
  • Non-severe cardiomyopathy
  • Partial third degree burns
  • Testicular carcinoma

It is nice to hear positive news in relation to life insurance companies. LV=’s hybrid approach between traditional cover and severity-based payments throws down the gauntlet to other insurers.

Just remember that Limetree are whole of market insurance brokers. When it comes to finding the best critical illness cover for you we will research not just Liverpool Victoria, but the rest of the market too.

Posted in Income Protection, Insurance, Life Assurance

Switch Insurance Through Limetree to Save

Last year figures came to light showing that over 12 million consumers had never switched any of the 20 most common financial products.

These include car insurance, home insurance, their energy provider, credit card and mortgage lender.

13.8% of consumers had never switched their home insurer. As the UK Insurance Index said:

This is interestingly juxtaposed to the fact that 81 per cent of Brits are hoping to save money this year with 22 per cent citing bills and the rising cost of living as their biggest financial worry.

With another year well under way, now is the time to get in touch with us at Limetree Financial Services to assist you and take all the stress and hard work out of shopping around for mortgages and insurance.

We are whole of market for both and have a panel of 40+ insurers who can underwrite the most simplest or complex of policies for you. These include non-standard construction types, specialist landlords or just your basic home insurance, which can be tailored specifically for your requirements.

With all the financial news of further doom and gloom this year, let us help save you money and time.

Posted in General Insurance, Income Protection, Insurance, Life Assurance