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Our mission at Kind Financial Services Ltd is to get our customers the insurance products that are best for them. With access to hundreds of different insurance products across the market, we use our expert knowledge to bring you the products most suitable to your specific situation, along with advice on the best course of action for your needs.

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Life Insurance – Level Term

There are two key types of life insurance – level term and decreasing term. Level term protects you for a given term for a fixed benefit. The amount of life cover chosen at the outset will be paid whether a claim on death is made in the first year of the term or the last year. Quite often a payment would be made on the diagnosis of a terminal illness before the last 18 months of the plan, where you had 12 months or less to live. This type of protection may be suitable for family protection and Interest Only Mortgage debt, where the level of debt on the mortgage does not decrease as the years progress, however, this would depend on individual circumstances and you should seek further advice.

  • Provides a lump sum on death or terminal illness to help provide a financial buffer for your family or to pay off debts.
  • The level of cover remains the same throughout the term of the policy.
  • The policy pays out if you die during the term of the policy – or if, before the last 18 months of the term, you are diagnosed with a terminal illness. (A terminal illness means you are not expected to live for more than 12 months).
  • Life insurance policies will only pay out once within the agreed time, so if the policy pays out because of a terminal illness claim, the policy and cover will end.
  • Paying out on diagnosis of terminal illness may be proportionate to the level of cover under a death claim.
  • Protection plans with no investment element will have no cash in value at any time. If premiums are not maintained then cover will lapse.

Life Insurance – Decreasing Term

  • Provides a lump sum on death or terminal illness which can be used to cover outstanding repayments on a mortgage or loan.
  • The level of cover reduces each year – in line with the sum you owe.
    If you die within the term of the policy, it will pay out a lump sum, to help clear whatever is outstanding on your debt at that point.
  • Protection plans with no investment element will have no cash in value at any time. If premiums are not maintained then cover will lapse.

Critical Illness
Insurance

We don’t like to think of ourselves or our loved ones being struck down by a serious illness, but it’s a sad fact of life that that critical conditions such as heart disease, cancer and strokes are common and can quickly develop without warning.

The principle of critical illness cover is straightforward; in the event of one or more of the specified illnesses being diagnosed, the insurance company will pay out a lump sum after a specified survival period. Often, critical illness cover is combined with other types of insurance and may even provide an investment element so that, for example, a given sum will be paid out on the death of the insured.

It’s important to check the details of critical illnesses policies to ensure they cover what you think they cover. Kind Financial Services can use our insurance expertise to help with this and advise on the most suitable policy for your needs.

Critical illness plans may not cover all definitions of a critical illness. The definitions will be contained in the Key Features and Policy Document if you go ahead with a plan.

House
Insurance

There are two types of household insurance – buildings and contents.

They are separate entities but can normally be bought together, usually with a discount.

Buildings Insurance covers the actual structure of your home; it will always include the main building and can be extended to cover sheds, garages, fences, swimming pools etc. Buildings insurance is only a consideration if you own the property.

A good buildings insurance policy should cover you for fire, flood, subsidence, storms, lightning, theft or vandalism, escape of water and oil, and damage caused by falling trees, branches or other objects. If you are a homeowner, having buildings insurance is normally a mandatory requirement of having a mortgage.

Contents Insurance meanwhile covers practically everything within your home including furniture, household goods, food and drink, TVs, computers, clothing and valuables, usually up to a stated limit. This policy pays out if any of your home contents are lost or damaged, following a burglary or fire, an explosion, leaks or vandalism, and also for accidental damage (although this is often an optional extra).

Many insurers cover the cost of replacing locks if your keys are stolen. Most policies may be extended to cover accidental damage or loss of valuable items you frequently take out of your home, such as jewellery, cameras and sports equipment. This is known as an ‘all risks extension’.

Accident Sickness &
Unemployment

Accident, Sickness & Unemployment insurance (ASU), is also known as mortgage payment protection. It is designed to provide you with an income to meet your outgoings in case you are unable to work due to illness or an accident, or if you are made redundant.

With this type of insurance, you pay a monthly premium for the level of cover you need, and if you lose your job or cannot work, you will receive a payment each month to help you ensure you can continue to make ends meet. Policies usually pay out for up to a year or until you return to work, whichever happens first.

You can choose the amount of benefit you would like to receive, although there are some limits on the maximum amount. The premium will be a percentage of the amount of monthly benefit you would like to receive. Some policies will also allow you to choose whether you want to receive benefits for accident & sickness only, unemployment only or all three.

There are some exclusions and pitfalls to be aware of when selecting your ASU product, but as your experts, the Kind team will talk you through the potential problems and catches, and make sure that you don’t have any unexpected issues should you needs to make a claim.

Private Medical
Insurance

With NHS waiting lists growing ever longer, private medical insurance helps ensure that when you get ill or suffer an injury, you can get treatment quickly, normally through private hospitals.

Premiums are calculated on the basis of age and the type of cover required and there is a wide range of different insurances to choose from.

At the basic level, PMI kicks in when you need specialist treatment or you need to go into hospital. Some policies will cover you if the NHS cannot provide treatment within a certain period of time.

At the higher cost end of the market there are policies that cover a wide range of medical services such as dentistry, eye care and even spectacles, although the more a policy covers, the greater the premium will be.

Income Protection
Insurance

Income Protection Insurance is a term for products which pay you an income if you become unable to work due to sickness or injury. (For Policies to protect mortgages, loans or credit card debts, see Accident Sickness Unemployment (ASU) policies above).
If you are unable to work because of illness or injury, under an employers group sickness scheme (Group IPI) your salary is continued but is subject to tax and NI in the usual way. The maximum amount of income you can replace through insurance is broadly the after-tax earnings you have lost, less an adjustment for state benefits you can claim. As with all insurance, it is important that you have the right type of policy which provides all that you need it to do for you.

Long-term income repayment policies usually come into play between the time when your employer stops paying sick pay, and when you collect your pension. Shorter-term policies tend to be used to protect a mortgage, bank loan or other payment. These usually commence within a few weeks but stop entirely after 12 months or 24 months. Short-term policies often include unemployment and redundancy, unlike longer-term income protection cover which does not.

Unsure if you need Income Protection Insurance or ASU? Get in touch with Kind Financial Services today and we can talk you through the differences and details, and help establish what type of cover will provide the peace of mind you’re seeking.

Protection plans with no investment element will have no cash in value at any time. If premiums are not maintained then cover will lapse.

Family Income
Benefit

Family Income Benefit protects a level of income for a fixed term. In the event of death, the amount of income chosen at the outset will be paid for the remainder of the term of the plan. Often the term is set to protect you until your youngest child is 18 or 21.
Family Income Benefit is one of the least expensive forms of life insurance and differs from most other types in that it is designed to pay the benefit, in the event of death, as an income rather than a lump sum.

Depending on your circumstances, indexation might be an option for this type of plan to protect the purchasing power, although the benefit can be level. If indexation is elected at the outset, the premiums and benefit would rise annually, normally by Retail Price Index.

In the event of a claim, income can be paid monthly, quarterly or annually and under current rules the income is tax-free. This makes it ideal for Family Protection where a family are looking to insure the main breadwinner over a specific term, for example to their retirement age.

Family Income Benefit can also include Critical Illness Insurance which is designed to pay the selected income if the policyholder is diagnosed with a critical illness within the chosen term. Critical illness conditions vary from insurer to insurer but in general include such conditions as some forms of cancer, some forms of heart attack, and stroke etc. In addition to these “”core conditions”” applicants can also select comprehensive cover which usually includes 25 to 30 additional conditions.

Family Income Benefit is a low cost, tax efficient solution to Family Protection.

Unsure about what form of Life Insurance you need? Kind Financial Services can discuss all the options with you in detail and help you make an informed decision on what type of product will best suit your needs.

Protection plans with no investment element will have no cash in value at any time. If premiums are not maintained then cover will lapse.

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