Protection Services

Here at Summit Financial Solutions, we understand that our clients’ circumstances are unique and that one policy does not fit all, so we pride ourselves on building a policy that is right for you.

Summit Financial Solutions provides you with straight-talking Insurance Advice by removing industry jargon so that you are confident the insurance cover taken is right for your need.

Our advice is unbiased as we talk you through the full products, features, and benefits available from a whole of market panel of insurers, giving you the knowledge to make the right choice.

Quick and Simple – No lengthy paperwork.

Straight talking – Easy to understand.

Stress-Free – Hand-held service from beginning to end.

Zero fees – All you will pay is the premium on your policy.

Life Cover

What is Life Insurance?

Life Insurance is a policy that will pay out a lump sum when the person insured sadly passes away. Most Life Insurance providers will also pay out should that person become Terminally ill, which is known as Terminal Illness benefit; however, there are some restrictions with this depending on the insurer you choose, so it’s always best to check.  

Who is life insurance for?   

Life Insurance is for the benefit of others who will suffer a financial loss should the person insured sadly pass away.​  

When should I take out life insurance?  

Like most insurances, age plays a big part in the price you pay, so the sooner you obtain it, the cheaper it will cost; however, taking out a Life Insurance policy without a need for it could mean you’re paying for something you don’t really need. A Life Changing event will usually prompt people to look at Life Insurance, such as; Moving out of the family home, starting a family, taking on a mortgage / other debts, or a business protecting their Profits or Shareholders

How much will Life Insurance cost?

There are a number of things that will impact the price you pay. The amount of cover you opt for, the term, your age, health, occupation, as well as dangerous hobbies and past-times, so these will all be taken into account when selecting an insurer.​

How long should I take out life insurance for?

Usually, there are two options. Life Insurance can be set up over a number of years (Term Assurance) to match a debt or the age of someone, or it can be set up to carry on until you pass away (Whole of Life). 

Critical Illness Cover

What is critical illness?   

Unlike a Terminal Illness found with most Life Insurance policies, a Critical illness is more of a life-changing experience rather than life-threatening (although in some cases, a critical condition can be life-threatening). Every insurer has its own list of Critical illness definitions, so selecting the right insurer is vital to getting the correct cover in place.​  

How does critical illness insurance work?   

It pays out a lump sum to the insured person on diagnosis of a critical illness. Nowadays, insurers have their core cover, which will result in you receiving 100% of the policy pay-out. There are also additional payments which will usually pay a percentage of the sum assured in addition to the core cover, depending on the condition, plus partial payments where again, there will be a percentage pay-out. Partial payments can be taken from the original policy amount, so this is something to be aware of when considering Critical Illness Cover. Most providers will also cover any dependent children under their critical illness definitions, but it isn’t always included as standard (and will cost extra). If having your children covered under the policy is important to you, our advisers can talk you through the different options to ensure you have the most appropriate policy in place.​  

What is critical illness cover used for?  

Critical illness Cover is a policy to support you, your family, or business through life-changing moments. It can be used for a number of things, such as clearing a mortgage, replacing an income, or simply providing the funds needed for the person insured to get on the road to recovery. ​​

How much does critical illness cover cost?

The price, like most other insurances, will depend on a number of things such as age, sum assured, and the policy term. All You Need Protection will be able to take into account all of these things, meaning you get the most appropriate insurer recommended for you

How long should I take out critical illness cover for?

This will depend on what you what to achieve from your policy. It could be that you require something in place until expected retirement age, for a term of your mortgage or other debts, or just to cover you while your children are financially dependent. The term of the cover will also determine how much you pay each month, so by speaking with Summit Financial Solutions, you can be sure you’re paying the right price for a policy that’s right for you.

Income Protection

What is an income protection policy?

A policy that would replace your income, in the scenario that it was to reduce or stop all of a sudden, through illness or injury.

Who is income proection for?

Anyone who is Employed or Self-employed would struggle to pay their regular commitments if their income is reduced or stopped because of an illness or injury. In both scenarios, you need to be aware of the help that you may or may not receive from your employer as well as the state benefits, as this will be taken into account when considering an Income Protection policy. We can talk you through all the state benefits and help you understand your contract of employment to ensure you are not over-insured and have a policy in place that is most appropriate to you.

How much will income protection cost?

Like other insurances, age, occupation, health, and lifestyle will have an impact on the price you pay. More importantly, it will depends on how much you insure yourself for. This can be worked out by looking at your outgoings, how quickly you need the benefit to pay, and how long you would need to receive the benefit for. Summit Financial Solutions can talk you through all the options available, so you are 100% certain the policy is right for your unique situation.​

When should I take out income protection?

Like other insurances such as Life Insurance and Critical illness Cover, age plays a big part in the price you pay, so by arranging a policy sooner rather than later will mean you get a lower price. We recommend you look at Income Protection when you have regular monthly commitments, such as monthly rent/mortgage, car loans, and other living costs, that you wouldn’t be able to pay in the event of your income reducing or suddenly stopping through no fault of your own.​

How long should I take out income protection for?

Income Protection can be taken out for a period of time, such as a mortgage term, or for the duration of your working life, i.e., up until an expected retirement age. The term can play a part in the price you pay each month, so it should be carefully considered when looking at an Income Protection policy. Our advisers will make sure your policy is suitable for your circumstances.

Reach out to our advisors today to benefit from our protection services!