However if you have a question that isn’t covered here why not send it into us using the form opposite or book a free phone consultation using our handy online booking calendar. Alternatively get in touch using our contact page.
Q: How much can I afford to borrow?
A: Use our mortgage calculator as a guide but for a detailed answer contact us now or book a free phone consultation using our handy online booking calendar.
Q: Do I need life cover
A: There are several reasons why life insurance may be important to you. If you die or are diagnosed with a terminal illness, it can help:
- provide for your partner, family or dependants
- pay off your mortgage or other outstanding loans
Q: How much cover do I need?
A: It depends on your personal circumstances. Some things you may want to consider are:
- how much your family would need to support themselves without your salary
- the size of your mortgage and how long it’s got to run
- any other outstanding loans or debts you have
- the amount you want to pay each month.
Q: Do I get money back if I do not make a claim during the term?
A: No. The policy has no cash-in value at any time. Also, if you don’t pay your premiums on time your cover will stop, your benefit will end and you’ll get nothing back
Q: Do I need CIC ?
A: With medical advances meaning that many serious illnesses are not proving fatal, they can still have a major impact on your life and on your ability to earn a living.
Critical Illness Cover could help reduce the financial impact of a critical illness by helping with practicalities such as helping to pay off your mortgage and helping to pay any bills, allowing you the time to recover.
Q: How does CIC work?
A: Each month, you pay an amount for the period you’ve chosen to be covered for. Your monthly payment is known as a premium and the period you’re covered for is known as the term.
The policy will end if THE INSURANCE PROVIDER pays out the benefit amount. The benefit amount is the cash sum that you’re covered for. If this amount has not been paid out by the end of the term, the policy will end and you’ll get nothing back. The policy has no cash-in value.
Also, if you don’t pay your premiums in time your cover will stop, your benefit will end, and you’ll get nothing back.
Q: What happens to my life policy with CIC if I make a claim on my CIC ?
A: If you’re diagnosed with a specified critical illness and meet the claims criteria, THE INSURANCE PROVIDER WILL pay the amount to you if you’re the policy owner or to you and your partner if you are joint policy owners. THE INSURANCE PROVIDER WILL will only pay out once under Critical Illness with Life Cover, so if you claim for a critical illness, the policy will end.
Q: What’s not included in IP?
A: Income Protection doesn’t pay an income if you’re made redundant or find yourself unemployed for any reason other than ill health
Q: Is the income tax free ?
A: Yes the payments are tax free under the current rules, although this might change in the future.
Q: What happens if I go back to work in a reduced capacity ?
A: Continued benefit if you go back to work in a reduced capacity, with a reduced salary
Q: I Have a medical condition at present, am I covered if it gets worse?
- Pre-Existing Medical Conditions
A: Please be aware that you may be unable to claim for any condition, injury, illness, disease, sickness or related condition and/or associated symptoms, whether specifically diagnosed or not which you knew about (or ought reasonably to have known about) at the start date or for which you sought or received advice, treatment or counselling from any doctor during the 12 months immediately before the start date
Q: I am Self Employed what will I be covered for ?
A: If you are self-employed and wish to claim unemployment benefit you will need to provide satisfactory evidence that you have ceased trading and are entirely without gainful employment, including the assisting, managing and/or the carrying on of any part of the day-to-day running of a business and are available for and actively seeking work. You must also be registered as unemployed with the Department for Work and Pensions and have signed a Jobseeker’s agreement within the United Kingdom.
Q: Can I have a joint policy ?
A: ASU does not offer joint cover. Each person wishing to be insured needs to take out a separate policy.
Q: Will the State Pension give me enough income to maintain my current lifestyle?
A: If you think you would need more than the pension available from the State, you should probably start to think about saving for retirement sooner rather than later.
Q: Do all individual pensions receive tax relief?
A: Usually any payments that you make into a personal or Stakeholder pension plan can qualify for full tax relief. So, effectively, the taxman ‘tops up’ your pension. The value of the tax benefits depends on your individual circumstances. Your circumstances and tax rules may change in future.
Q: How does it work if I am a basic rate taxpayer?
A: If, for example, you make a payment of £80 a month to your individual pension plan, HM Revenue and Customs will top it up with an additional payment of £20 (basic rate tax relief). So you now have £100 a month going into your pension plan.
Q: Can I access my monies?
A: Easy access to your cash – usually you put your money in a bank or building society account – or maybe take out a cash ISA. Some savings accounts may have a fixed term, or limit how often you can take money out and may require a notice period
Q: Are my savings covered by the FSCS?
A: Your eligible deposits are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to each provider you hold monies with.
Q: Can I save regularly?
A: Yes you can. Most savings accounts allow you to make regular deposits by Direct Debit or as and when you choose. The only accounts which don’t are our fixed term accounts where you can deposit a single amount when you open the account and leave it for a defined fixed term.