Protection - Getting You and Your Loved One’s Covered

A Life insurance policy will pay your dependents a lump sum or regular payments if you die unexpectedly. If you have a partner or children, life insurance can provide you with the reassurance that they will be able to cope financially without you.

You might consider Critical illness cover, which will cover you in case you get a specific type of life changing condition. Payment protection insurance will support you if illness or redundancy means you can’t meet regular payments of your debts.

Income protection insurance is designed to support you financially if you can’t work due to illness or injury and your income drops. This type of policy is particularly relevant for anyone who is self-employed and wouldn’t get sick pay. You might consider getting short-term Income protection insurance. This type of policy will pay out a monthly sum, for a set period of time, if you lose your source of income due to illness, accident, injury or redundancy.

Life Insurance Cover:

Life Insurance is a protection product which helps to provide financial security and cover to your dependents, family and loved one’s in the unfortunate event of death. The said money that is paid out as a claim from the policy, can be very useful to the dependents to continue the lifestyle they are used to. The funds received can replace a loss of income and could be used to pay off debts like Mortgages, which can reduce a huge financial burden.

The policy holder will have to pay a monthly premium for the duration of the policy term, the amount of premium to be paid is dependent on several factors like age, health and lifestyle.

Term assurance is a cover where there is a fixed term to the policy and if the policy holder were to die within the term of the policy, then the claim would pay out to the beneficiaries. However, if the policy holder survives beyond the set fixed term, the policy would lapse at the end of the term and there wouldn’t be any pay out.

There are predominantly three types of Term Assurance options:

  1. Level Term: In this scenario the amount paid would be fixed or level throughout the term of the policy.
  2. Decreasing Term: Under this option, the amount of cover decreases as the term of the policy reduces, this option is generally used to cover debts like Mortgages especially Residential Mortgages where with each repayment there is a reduction in capital owed to the lender.
  3. Increasing Term: Conversely to the Decreasing term option, under this scenario the cover amount increases over the duration of the policy. This is opted by individual who factor the potential increase in inflation rates in future, which would ensure their dependents would always remain well covered in times of increased costs.

Critical Illness Insurance:

Critical Illness insurance pays out a lump sum when the policy holder is diagnosed with a particular critical illness, which is covered under the conditions of the policy. While Critical Illness Insurance is a standalone product, is it more often than not taken alongside a Life Insurance policy.

The types of conditions covered under Critical Illness cover vary, as per the product offered by the provider but will usually include conditions like Cancer, Heart attack and Stroke. 

The availability of Critical Illness cover is largely dependent on whether you have pre-existing medical conditions. If you do have any pre-existing conditions, you can still be eligible for cover, but this may affect the selection being limited to specific providers, rather than a range.

The benefits of a Critical Illness cover are that the lump sum pay out can be used to compensate a temporary loss of income due to the specified illness.

Income Protection Insurance:

Income Protection cover pays out if you are unable to work due to illness or injury, however it will not pay out in the case of redundancy. The primary difference between an Income protection insurance policy and Critical Illness Insurance policy is the amount and frequency of pay out.

In an Income protection claim the pay out is periodic and generally a percentage of earnings usually 60% to 70% paid out on monthly basis and the said payment are exempt from tax, as compared to Critical Illness claim which makes a one-time lump sum pay out.

The pay out under Income Protection policy begins after the end of a pre agreed period know as a deferral period, the shorter the deferral period the higher the premiums, the usual deferral period is between 13 to 26 weeks. While seeking Income protection cover, it is essential to check with your employer the cover they have in place to support you as an employee for the time off work.

Tax advice is not regulated by the FCA.

Our experienced Protection advisers are on hand to discuss your specific requirements and work with you through the process.

Contact us now to get your Free Insurance Quote.

What our past clients have said

As first-time buyers me and my husband were really unsure and sceptical about the whole process of buying a house. But we were relieved from that tension when we met Prasanna. Prasanna helped us at every stage of this process, from securing the best home loan to guiding through every step till we got the possession of our house. Every little query we use to turn to him and he never disappointed us. He was always a call away very patiently answering all our questions and clearing our doubts. He also made sure we understood what all options we had and advised us to choose the best ones from the available loans. He was always on the same page with us, when deciding what will work out best for us. I wouldn't hesitate to recommend Prasanna and Prism Mortgages to everyone. We will be definitely using his services again. Thanks again for all the support and expert advice.
Shweta Tandel & Sateesh Tandel. Durham, England.
I highly recommend Prism Financial Service for Mortgage and Life Insurance Cover. Their staff members are friendly, approachable and always available on phone. I did my mortgage and life cover with them and it was quick and hassle free. Thank you Rajesh, Pravin and Prasanna for your support.
Nilotpal Mandal. Slough, England.
Prasanna and the team at Prism finances have been very proactive and extremely helpful in find us the right mortgage provider to remortgage our home. Prasanna's tireless effort and constant involvement was very commendable and impressive. We would highly recommend him
Mr. & Mrs Joshi. Leicester, England.
Pravin, thank you very much for making a consolidated life cover for me and my wife. We are very happy the way you dealt with amending the life cover, critical illness cover and mortgage protection cover, to suit our requirement and budget. We wish you all the very best for future.
Nitin & Parul Dobhal. Glasgow, Scotland.
Prasanna and his team at Prism have been amazing and very helpful in every aspect of mortgage process. Prasanna guided me through whole process and able to find us mortgage better than what we were hoped for. Prasanna also gave us financial advice which helped us to obtain two mortgages at the same time. I was able to complete everything over the phone. Very approachable and reliable. We will highly recommend Prasanna and his team.
Anson & Olivia Dias. Nottingham, England.
Prism Financial Services helped me get my dream home. As this is our first home, we were not sure with process and time involved. Pravin Singh, his confidence and approach made the process like a pleasant journey which once looked like a mountain. He always stood by us with his vast experience and informed advice. I am now living happily with my family in our new home. Thank you, Pravin & Prism Financial Services.
Ajit Kaur. London, England.
Pravin is a kind and helpful person but also as a wonderful professional who has the patience and knowledge to help the clients in the best possible way. The amount of help and handholding he did during the entire process was commendable and calls for appreciation. I wish him all the very best in his career!
Subhomoy & Tandrani Mukherjee. London, England.
I have been very pleased with the service I received from Tanaya with regards to securing new mortgage rates for my BTL and residential mortgage. In these uncertain times with mortgage products being pulled off the market at short notice, Tanaya kept on top of my application and kept me informed throughout the process. I appreciate that she has been very accessible and have made time to answer my queries. She managed to secure a decent offer but when the lender reduced its rates after the offer, she was able to switch me to the lower rate ahead of completion. I would be happy to recommend Prism Finance to others.
Itaz & Bilkees Virk. London, England.
Why choose Prism Financial Services?
Our clients choose to trust us over the competition because of the way we conduct our business.
We provide our services to suit you, whether face to face, telephone or email
We search the whole market to ensure we find the right mortgage for you
We continue to monitor the market place and will keep you updated on opportunities
We provide access to your own Client Portal for secure messages and document uploads
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Prism Financial Services trading style of Prism Global Services Limited is an Appointed Representative of Wealthmax Financial Advisers Ltd which is authorised and regulated by Financial Conduct Authority - FCA no 766509, registered in England and Wales no 10501962.

Prism Global Services Ltd trading as Prism Financial Services is registered in England and Wales no. 12331294. Our FCA Number is 937225.

Some forms of Buy to Let Mortgages are not regulated by the Financial Conduct Authority

Conveyancing, Wills, Estate Planning and Commercial Mortgages are not regulated by the Financial Conduct Authority.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

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Prism Financial Services
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