Meet Emma: Your Questions About Protection, Answered

When life changes, the right protection can make all the difference. Whether you are buying your first home, growing your family or running your own business, having cover in place means you are prepared for the unexpected.

At Greenshoots Financial, Emma is our dedicated protection specialist. She works with clients across the area to find cover that fits their life, not just their budget. We sat down with her to answer the questions we hear most often.

1. Emma, tell us a bit about what you do at Greenshoots Financial and why protection matters to you.

My main role at Greenshoots is a protection advisor; however, I also look after buildings and contents, wills, and powers of attorney, and I have recently started handling mortgages. I genuinely love my job, I like knowing that I have helped families set up cover that will help them if the worst were to happen

2. People often put off thinking about protection. What would you say to someone who keeps meaning to sort it but never quite gets around to it?

Don't put this off, I personally know people who in their 20s and 30s have been diagnosed with cancer or passed away suddenly. It does happen.

3. What is the difference between life insurance, critical illness cover and income protection? Can you explain each one in plain terms?

Life insurance pays you out a lump sum if you were to pass away, allowing you to clear any remaining mortgage or help with costs arising from your death.

Critical illness pays you out a lump sum if you are diagnosed with a specific critical illness and survive a certain survival period. There are standard plans and enhanced plans which cover you for different levels of critical illness conditions.

Income protection pays you a monthly benefit if you are off work long-term due to illness. This ties in with any employer sick leave you may get and pays out for different lengths of time depending on your policy.

4. How do you work out what level of cover someone actually needs? Is there a simple way to think about it?

Not really, everyone's circumstances and needs are different depending on family circumstances, if you have a partner and what type of job you have. That is why its best to speak to an advisor to discuss tailored advice for you

5. A lot of people assume protection is expensive. What does it actually cost, and what affects the price?

This all depends on the level of cover you need; however, these are life policies that start from as little as £5 per month. However, I feel like you can't put a price on making sure your family are covered. Factors including smoking status, BMI and any previous medical conditions may increase the price; however, don't let this put you off, we work within your budget.

6. What happens if someone already has cover through their employer? Do they still need their own policy?

If you have cover through your employer, great. However, we recommend you do not rely on this, you may leave your employer or become redundant, and by them you might have had some medical conditions that may restrict you from taking out a new policy, you will also be older, meaning the premium we originally quoted you will have increased. Work cover should be looked at like it's a bonus cover to have; it shouldn't be relied on.

7. Are there situations where a claim might not be paid? What should people watch out for when choosing a policy?

Claims are very rarely not paid out. Misrepresentation when completing your policy is usually the biggest reason a claim is not paid out, such as not disclosing past medical conditions on your application. We always urge you to be as honest as possible. Other reasons for claims not being paid is within the 1st year of a life policy being set up, the cause of death is by suicide or due to self inflicted injurys. All the insurers we use have excellent claims stats.

8. How does protection work for self-employed people or business owners? Is it different to a standard policy?

Self-employed or business owners are far more likely to need income protection cover as they do not receive sick pay from an employer. If you are a business owner, you may wish to set up a policy that helps protect any business loans or liabilities, allowing your business to stay within your family if there is more than 1 director. 

9. What is the one type of cover you wish more people knew about, and why?

Income protection, you do not need to be seriously ill to be able to make a claim on this; you could be off with a sore back, work-related stress or something as serious as cancer. It doesn't matter as long as you have been signed off by a doctor you can make a claim.

10. If someone reading this wants to review their protection or start from scratch, what does working with you look like?

I take the time to listen to your current situation so that I can then tailor a policy that suits you. I have worked with many clients who do not think they will be able to get cover; however, we work with a wide range of insurers, some that can only be used through an advisor, therefore we are more likely to be able to place your policy with someone. Or if you are unsure what your policy covers, you for I am more than happy to sit down and look through your policy documents with you. We value every one of our customers and aim to ensure they all have the correct level of protection in place. 

Ready to talk about your cover? Book a free call with Emma and find out what protection could look like for you.

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Please note your home may be repossessed if you do not keep up repayments on your mortgage.