Renew Life - give your family peace of mind

Most of us have our phones, cars, holidays, buildings, contents and pets insured but why are we always so quick to overlook insuring ourselves?

It isn’t nice to think about but we won’t be here forever and what would happen to your family and loved ones if you were not here to support them financially or emotionally?

By having a Life Insurance policy it means your loved ones will receive a lump sum of cash upon your death.

You can choose the amount the policy will pay out and you even choose the length of time you are covered for and how much you wish to pay each month towards the policy.

The answer to this is simple – peace of mind. Not only for you but also your loved ones.

Ultimately it is the choice of your loved ones what the lump sum would be used for however most policy holders use life cover for…

• Funeral expenses
• Repaying a mortgage
• Repaying joint debts to relieve the surviving debt holder
• Income replacement to ensure your loved ones lifestyles and existence is not at risk without your earnings
• Children’s education costs

Level Term: A policy which pays a set amount upon your death. The pay out and your monthly premiums are arranged at the outset and will not change.

Decreasing Term: A policy where the amount of cover chosen reduces over time and therefore the pay-out made upon your death decreases. These types of policy are usually taken out alongside a mortgage, the mortgage balance reduces over the years as does the life cover.

This is totally dependent upon each individuals health, lifestyle and personal preferences about the cash pay-out, the term, and the premiums. Let’s take a look at the 3 elements that calculate the cost.

1: The amount you would like to be paid out is taken into account. Remember the higher the pay out the higher the premium will be. For this reason it is often a good idea to have an idea of how much you would need or like your loved ones to receive. Take some time to think about how much you owe on your mortgage, joint debts and how much income your family would lose if you were no longer here to earn. Don’t forget to also think about the milestones and occasions you would have perhaps contributed towards, house purchases, settling down, marriages, children – you could still ensure you are part of those special times by planning ahead.

2: How long do you want the cover for? The longer the policy the higher the premium will be as the older you become the more likely you will pass away whilst still insured. Take some time to think about how long your family would need your financial support for.

3: What is your health and lifestyle like? Remember a healthy person will always pay less than a person who has medical problems or an unhealthy lifestyle and your family medical history can also impact the cost of your policy. This is not to say you won’t be able to get insurance it may just mean you pay slightly more.

Why not contact us for a free, no obligation quote to see how much peace of mind would cost you?

Many couples opt for a joint Life Insurance policy with a single pay out when the first policyholder passes away. This could work out more costs effective for you on a monthly basis but please remember we always need to speak to both policy holders to set up your policy.

Income Protection Insurance is a long-term insurance policy which is to help you if you are unwell or injured causing you to be unable to work.

The answer to this is simple – peace of mind. Unless you would be able to survive on sick pay, benefits or by support from family, friends or savings then the loss of your income could mean that you struggle to pay your bills.

Income Protection Insurance will replace part of your income and will continue to be paid until you are able to return to work again or you retire. It covers most illnesses that would prevent you from being able to work and you can claim on the policy as many times as you need to.
One thing to remember is that there is often a waiting period before the payments start. Most policies will require you to exhaust your sick pay entitlements before making a claim however if you are self-employed with no sick pay to fall back on then this sort of insurance policy is particularly relevant to you.

This depends upon your policy and your individual circumstances. The cost can be dependent upon your…

• Age
• Job
• Smoking status
• Health
• How long you could afford to wait before making a claim on the policy

Why not contact us for a free, no obligation quote to see how much peace of mind would cost you?

Home insurance is a type of insurance product that protects your property and your belongings.

There are 3 main types home insurance policies…

1. Buildings Insurance
2. Contents Insurance
3. Buildings & Contents Insurance

Buildings Insurance covers the cost of repairing damage to your properties structure. This includes….

• Walls
• Windows
• Roofs
• Permanent fixtures & fittings such as bathrooms and kitchens

Typically Buildings Insurance covers the cost of rebuilding your home and it is therefore very important that you ensure the policy you take out covers the entire cost of this and that your estimated rebuild cost takes into account demolition fees, site clearances, architects fees, building costs etc.
Generally buildings insurance covers the cost of loss or damage that has been caused by…

• Fire, smoke, explosions
• Flood, storms, natural disasters
• Fallen trees, lamp posts, aerials or satellite dishes
• Vandalism or malicious damage
• Subsidence
• Vehicle or aircraft collisions
• Some policies also cover for outside the home, such as garages, walls and driveways

There are 2 types of contents insurance policy…

1. Bedroom rated
2. Sum insured

Sum insured

Sum insured cover is calculated by working out the cost of rebuilding your home from scratch.

This amount should include professional fees and is NOT the same as your homes market value. The cost of building increases year on year so the rebuild price will increase so you may choose to index link your policy to take this into account.

Bedroom rated

Bedroom rated cover estimates the cost of rebuilding your home based on the number of bedrooms you have.

These types of policy protect you from under-insuring (as calculating a sum insured policy can be quite tricky) and provide very high sum-insured cover.

Bedroom rated cover means you don’t have to worry about calculating the rebuild cost of your home. It’s important to bear in mind though that you could end up over-insuring yourself and paying for cover that you might not need but many see that as worthwhile compared to the risk of under insuring.

Accidental Damage: This happens when there’s a one off unintentional incident that damages the structure of your property. For example, a ball through your window. Cover for accidental damage is usually bought as an add-on to a policy as home insurers provide very limited protection as standard.
Usual exclusions: Typical exclusions include…

• General wear and tear
• Damage caused by failing to upkeep your property & letting it fall into neglect
• Bad workmanship
• Storm damage to gates, fences and plants
• Frost damage to outside pipes and brickwork
• Damage caused by insects, birds or other pests

Occupation: It is also useful to know that most insurance providers will only provide cover on the agreement that your phone will not be unoccupied for more than 30 consecutive days. If you intend to do this you should update your provider.

Tenants: Tenants do not need to purchase Buildings Insurance as that is the responsibility of the landlord however a Tenant should arrange their own Contents Insurance.

Contents Insurance covers the cost of replacing belongings that are either damaged, destroyed or stolen in your home. Typical items included are…

• Furniture
• Kitchenware
• Entertainment devices
• Soft furnishing
• Clothes
• Jewellery
• Accessories e.g. handbags
• Ornaments
• Antiques

If and when you need to make a claim on your contents insurance your provider will pay out either on a ‘new for old; or ‘indemnity basis’.

New-for-old cover means your provider will pay out for a brand-new product of the same value if your insured item is damaged or stolen.
Indemnity cover takes into consideration wear and tear on the items that you claim for which means any pay-out will be reduced.

Since the pay-outs on new-for-old policies tend to be higher, they can be more expensive than indemnity policies.

There are three main types of contents insurance policy…

1. Bedroom rated
2. Sum insured
3. Unlimited sum insured

Bedroom rated

A bedroom rated policy uses the number of bedrooms in your home to calculate the amount of contents cover you get.

Sum insured

A sum insured policy requires you to calculate the amount of contents cover you need.

Unlimited sum insured

An unlimited sum insured policy covers all of your contents without any limit so you don’t have to worry about being under insured.

Other helpful information

Accidental Damage: Accidental damage occurs when there’s a one-off unintentional incident impacts your contents, for example knocking a tin of paint over a sofa/carpet. This is often purchased as an add on to Home Insurance policies and will increase your premium.

Personal possessions cover: This protects your contents whilst they are outside of your home, and may need to be purchased an add on, typical items that would be covered with this add on include….

• Mobile phones
• Tablet
• Laptops
• Jewellery
• Handbag

Buildings & Contents Insurance is a combined plan suitable for homeowners (as Tenants do not need to arrange Buildings Insurance)