Personal Protection Insurance – Caboodle Finance, Birmingham

Tuesday, January 27th, 2015

Ok, so you have insurance, but do you need “personal protection” insurance?

Well, like everything else in life, that depends on your circumstances! “Personal Protection” insurance is the term used by many advisers to collectively cover the various options available to people wishing to protect themselves, their family and their financial future against unforeseen circumstances. Most people are more familiar with the actual product names which include Life Insurance, Critical Illness and Income Protection; these are collectively known as Personal Protection Insurance.

The UK has an ever increasing “protection gap” as more and more people are living longer, but fewer are protecting the important things at the right time. Most people protect their home with buildings insurance, their belongings with contents insurance and their vehicle with motor insurance, in the main because they are generally compulsory to owning the house or vehicle. Many people will also protect their phones, gadgets and even their pets before protecting themselves and their family.

Don’t think you can afford personal protection insurance?

When it comes to personal protection insurance quite often advisers hear people claim they “cannot afford protection”, but a good adviser will make sure they assess their priorities and at least consider having some level of cover. Deciding what type of insurance should be taken can often be very difficult and if budget is also a constraint getting advice in such matters can be very important.

Additionally, most good advisers such as Caboodle Finance in Birmingham will offer their services without charge as the insurance providers themselves will pay the adviser a commission if a policy goes live.

The key trigger for most people who first consider taking out some type of life insurance, critical illness or income protection policy is when they buy their first home and take out a mortgage. Although this is clearly an important time to review personal protection needs there are other life events which require due consideration, such as getting married and having children.

Is personal protection insurance appropriate for all age groups?

It is quite common for young people to think that “personal protection insurance” is for older people, but very often taking out a policy at an early age can be significantly more cost effective. The risk of something happening to us increases with age and unsurprisingly as does the cost of personal protection products such as life insurance, critical illness and income protection. The cost of protection will also increase significantly after a person has had an illness or been diagnosed with certain conditions, hence the double benefit of buying protection at an early age.

Knowing which protection to select, for what amount and for how long adds further complications, which is where using the services of a specialist personal protection insurance adviser can provide a significant benefit.

Call Caboodle Finance in Sutton Coldfield, Birmingham today on 0121 308 9114 or click HERE to contact us by email and we will be delighted to help you find the right protection policy for you.

Fields marked with a * are required.

Click here to view our data protection policy

Click here to view our Customer Privacy Notice

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2019 Caboodle Financial Services Ltd