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Mortgages are loans which are intended to help buyers purchase residential and commercial property. When an individual takes out a loan, the lender charges interest: the same is true of a mortgage.
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A mortgage is a ‘secured’ loan, which means that the loan is secured against the value of the property being purchased until the mortgage is paid off. Sources of residential mortgages include high street banks, building societies and other types of less well known financial institutions.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you.
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It can provide the reassurance of financial protection for you, your family and your business associates.
A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies.
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long-term financial implications for you and your family.
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Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future - from something as simple as a broken bone to more serious conditions like a heart attack or cancer. - Testimonials
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Family Income Benefit
Family Income Benefit
An often-overlooked type of cover, 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. This protection is not as expensive as you may think.
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.
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, although there may be the option of taking a lump sum depending on the policy.
Regular Tax Free Income Payments
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 his or her retirement age.
Extra Cover Options
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 therefore should be considered when looking to effect insurance for Family Protection. Family Income Benefit is a low cost, tax efficient solution to Family Protection.
Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
CRITICAL ILLNESS PLANS MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. THE DEFINITIONS VARY BETWEEN PRODUCT PROVIDERS AND WILL BE DESCRIBED IN THE KEY FEATURES AND POLICY DOCUMENT IF YOU GO AHEAD WITH A PLAN.
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Purely Financial Planning Ltd is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Conduct Authority. TenetLime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.
Purely Financial Planning Ltd is registered in England and Wales under registration number: 8474750. Registered Office: Hersham Technology Park, Molesey Road, Walton-on-Thames, Surrey, England, KT12 4RZ T: 01932 213055
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Client Testimonials
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Tessa and John
I just wanted to say a big thank you on behalf of myself and John for sorting out our mortgage. You made the process so straight forward and smooth and found the perfect mortgage for us!
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Mark & Lisa Bainbridge
We have always dreaded when our mortgage deal comes to an end as it involves lots of stressful research and paperwork!!
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V.Gibbons
I cannot recommend Purely Financial enough. I approached them with a complex financial matter through a recommendation and the service was above and beyond any expectations. They were extremely efficient and professional throughout and would have no hesitation in recommending them. I would like to say a personal thank you to you all also for making this such a swift transaction.
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J.Newman
I was referred to Purely Financial as i was seeking a mortgage for myself and for my wife. Andrew was quick to respond and very informative of the products available. He drove to meet us in Guildford and instantly put our minds at ease. He helped us and guided us to a product that we were very happy with. The knowledge that the whole team at Purely financial have is second to none and really puts them in my eyes, head and shoulders above anyone else that we spoke to. From start to finish the Purely financial team were brilliant and I have since recommended them to several friends and I shall continue to use them in the future
Contact Us
Purely Financial Planning Ltd
Technology Park
Molesey Road
Walton-on-Thames
Surrey
KT12 4RZ
T: 01932 213055
Email : Email Us