Protection

There are events we can all face that have the potential to completely transform our lives. It’s a difficult issue to think about but imagine the impact on you and your family should the main earner in your household die or become seriously ill. It may not happen to you – we hope it doesn’t – but it might.
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While there is no insurance that can prevent these things from happening, you can protect yourself and your family financially by making money available, should something unexpected happen. This money can be the difference between keeping and losing your home and maintaining your family’s lifestyle.

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How we can help youAt Sterling Financial Services, we like to give you peace of mind, by safeguarding what matters most: you and your loved ones. We understand that life is full of uncertainties, and protecting yourself and your loved ones is paramount, that’s why we specialise in providing comprehensive personal insurance solutions tailored to meet your unique needs.
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Life Assurance

In the UK, various types of life insurance cater to different needs:

  1. Term Life Insurance: Offers coverage for a set period, paying a lump sum to beneficiaries if the policyholder dies during that time.
  2. Whole-of-Life Insurance: Provides lifetime coverage with a guaranteed payout to beneficiaries upon the policyholder's death.
  3. Over-50s Life Insurance: Tailored for those aged fifty and above, it offers a guaranteed lump sum payout without medical underwriting.
  4. Decreasing Term Insurance: Similar to term life insurance, but the payout decreases over time, often used for repayment mortgages.

Premiums are paid to the insurer in exchange for coverage. Upon the policyholder's death, the insurer pays out the agreed-upon benefit to beneficiaries, helping cover financial obligations such as debts, mortgages, and providing financial support to dependents.

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Income Protection

TIncome protection provides financial support if you are unable to work due to illness or injury. It pays out a percentage of your gross income, typically up to 65%, tax-free, after a pre-agreed waiting period, known as the deferred period. This income continues until you're able to return to work, retire, or the policy term ends. With varying options for coverage, including long-term or short-term protection, it offers peace of mind and financial security during periods of incapacity.

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Family Income Benefit

Family Income Benefit (FIB) insurance offers a tax-free monthly income to your dependents if you die during the policy term. Unlike lump sum payouts, FIB provides a steady stream of income for a predetermined period, typically until the policy term ends. This ensures your loved ones have ongoing financial support to cover living expenses and obligations. You choose the benefit amount and term upfront, tailoring protection to your family's needs, with the insurer paying the agreed monthly benefit directly to beneficiaries.

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Critical Illness

Critical Illness Cover provides a lump sum payment if you are diagnosed with a serious illness covered by the policy during its term. This lump sum can be used to cover medical expenses, household bills, or other financial obligations. The illnesses covered are specified in the policy, typically including conditions like cancer, heart attacks, and strokes. The payout is tax-free and can offer financial security during a challenging time, helping alleviate the financial burden associated with critical illnesses.

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Private Medical Insurance

Private Medical Insurance (PMI) provides access to private healthcare services, offering benefits such as shorter wait times for treatments, choice of specialists, and private hospital accommodation. Policyholders pay a monthly premium, and in return, the insurer covers the costs of private medical treatments, consultations, and procedures, subject to the policy's terms and conditions. PMI policies vary in coverage levels, with options for additional benefits like dental or optical care, allowing individuals to tailor their coverage to their needs and budget.

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Meet the team - Paul DowzerSince 1988, Paul has excelled in Financial Services, beginning as a pension’s administrator for AMP, later acquired by Pearl Assurance. At Sun Life of Canada, he obtained FPC certification. With over 30 years' expertise, Paul focuses on advising on mortgages and protection, specialising in self-employed and buy-to-let mortgages, bridging loans, and development finance.
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