T: 01244 526888
Life Insurance, , Critical Cover, Income Protection Advice Chester
At Chesterton Grant Mortgages, we understand how unpredictable life can be. That’s why we offer tailored Income Protection Insurance, providing a reliable financial safety net for Chester residents. Whether you're employed, self-employed, or a business owner, this coverage ensures you and your loved ones can maintain financial stability if illness or injury prevents you from working.
Income Protection Insurance pays out a regular tax-free income if you’re unable to work due to illness, injury, or disability. Unlike other types of insurance, it ensures consistent financial support until you recover or for a specified period, depending on your policy.
Chester is home to diverse industries like professional services, hospitality, and retail, where workers may lack comprehensive employer benefits. Chesterton Grant Mortgages brings local expertise to help you secure a policy that suits your specific needs, providing peace of mind for you and your family.
At Chesterton Grant, we believe in providing holistic financial protection. Our offerings include:
These figures highlight the importance of securing robust private coverage, especially in regions like Chester with varying employment types.
Feature | Statutory Sick Pay (SSP) | Income Protection |
---|---|---|
Amount | £109.40 per week (Gov.uk) | Up to 70% of gross income |
Duration | Up to 28 weeks | Until recovery or policy end date |
Flexibility of Use | Limited | Full freedom over expenditure |
Tax Implications | Taxable | Tax-free |
The most well-known type of insurance is life insurance, which provides financial support to your dependants if you pass away. It can pay out either a lump sum or a regular income, ensuring your loved ones are financially secure.
The most affordable option is a term assurance policy, where you choose how long the cover lasts. This could be until your children become financially independent or to match the term of your mortgage, ensuring it is fully paid off.
Another option is whole of life insurance, which has no fixed end date. This policy remains in place until you pass away, making it ideal for covering expenses such as funeral costs.
Your adviser can help you determine which type of life insurance best suits your needs and those of your family.
Income Protection Insurance is designed to provide financial support if you are unable to work due to illness, injury, or disability. It covers a wide range of conditions, including:
It’s important to note that some policies may exclude pre-existing conditions or have specific exclusions. For instance, if you’ve had a prior diagnosis of a chronic illness, it may not be covered, or you may face higher premiums. At Chesterton Grant, our advisers can help you navigate these exclusions and ensure you understand the terms of your policy.
The cost of Income Protection Insurance is influenced by several factors:
Example: A 35-year-old office worker in Chester earning £30,000 annually might pay between £20–£30 per month for basic cover. A similar individual in a manual labour job may pay closer to £40–£50 per month due to the increased risk associated with their occupation.
Our advisers can provide tailored quotes to suit your circumstances and budget.
Both types of insurance provide financial protection during times of illness, but they serve different purposes:
Many people choose to combine both types of cover for comprehensive protection. For instance, Income Protection ensures you have regular income during recovery, while Critical Illness Cover provides a financial buffer for immediate expenses.
If you return to work on reduced hours or with a lower income, some Income Protection policies offer a proportional benefit. This means your insurer may continue to provide partial payments to make up for the loss in income.
For example:
If your policy covers 60% of your gross income and you return to work earning only 40% of your original salary, the insurer might pay the difference to ensure you maintain financial stability.
This flexibility allows you to transition back to full-time work at your own pace without financial pressure.
Yes, Income Protection is particularly valuable for self-employed individuals in Chester who do not receive statutory sick pay or employer benefits. Without this coverage, any illness or injury could leave you without an income, putting both your personal finances and business operations at risk.
With Income Protection:
Yes, you can still apply for Income Protection Insurance if you have a pre-existing condition, but there are a few considerations:
At Chesterton Grant, we work with multiple providers to help you find a policy that balances affordability with adequate coverage. Our advisers will guide you through the process and help you understand the terms of your policy.
Disclaimer:
The information provided on this page is for general guidance only. Actual policy terms, conditions, and costs will depend on your individual circumstances. For personalised advice on critical illness, life insurance, or income protection , please contact our experienced advisors.
Evolution House
Lakeside Business Village
St David's Park
Deeside, Flintshire
CH5 3XP
T: 01244 526888
E: hello@chestertongrant.co.uk
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Chesterton Grant Mortgages Ltd is registered in England and Wales. Company Registration Number 04232613. Registered Address: Evolution House, Lakeside Business Village, St Davids Park, Ewloe, Flintshire CH5 3XP.
Chesterton Grant Mortgages Ltd are authorised and regulated by the Financial Conduct Authority (FCA). You can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 300796.