BuildStore Insurance Services

Protection FAQs

1. Accident, Sickness and Unemployment Cover

What is covered by accident, sickness and unemployment insurance?

  • You are covered in the following circumstances:

    • You can’t work due to an accident or illness that is certified by your doctor
    • You can’t work due to stress, anxiety, depression or back-related conditions confirmed by a suitably qualified consultant
    • Your employment ends unexpectedly and the circumstances of your unemployment are beyond your control
    • You stop work to become a carer for a member of your immediate family

2. Critical Illness Cover

Why Do I need Critical Illness Cover?

    • Critical illnesses are a lot more common than a lot of people believe and can affect anyone at any time.  A number of critical illnesses are now being diagnosed at a younger age. 
    • State benefits only offer a limited amount and legally your employer only has to support you for the first 28 weeks. Whether or not you receive full pay is at your employer’s discretion.
    • Critical illness cover is designed to help you or your family manage during this difficult time.

How does Critical Illness Cover Work?

    • Our critical illness plans are designed to pay a tax free lump sum or monthly benefit amount depending on your preference when you take out the policy.

3. Life insurance?

What is Life Insurance and how does it work?

    • Life Insurance helps to protect your loved ones financially in the event of your death.  You chose the amount of cover you need and the length of time you want to be insured.

How much will Life Insurance cost?

    • Life Insurance premiums can cost as little as £10 a month, the equivalent of 33p a day.  Individual premiums depend on your own needs and circumstances.

How much Life Insurance do I need?

    • It depends on your individual circumstances.  You may want to think about leaving a lump sum for your dependents, help clear an outstanding mortgage or debt on your death.

4. Income & Family Protection?

Do I need Income Protection?

    • 32% of households have no savings putting them at considerable risk if illness prevented the breadwinners from working.
    • You think it won’t happen to you, but if it did, how long could you afford to pay for everything such as your mortgage or rental payments, household bills, children’s school fees, mobile phone and broadband payments.  Bills don’t stop even if you are very sick.
    • Income protection can provide you with a regular monthly income if you suffer a loss of earnings due to ill health or injury and as a result are unable to work.

5. Mortgage Protection?

What is mortgage life insurance and how does it work?

    • Mortgage life insurance is designed to help pay off your outstanding mortgage amount in the event of your death.
    • If you die during the period of your cover, your policy pays out your chosen amount of cover.  You choose the amount of cover you need and the length of time you want to be insured for.

What are the different types of mortgage life insurance available?

  • There are two types:

    • Mortgage Term Assurance: designed to help you pay off your interest only mortgage if you die during the term of the policy.
    • Mortgage Decreasing Term Assurance: designed to help protect a repayment mortgage as the term of cover reduces in line with the mortgage. 

©2017 BuildStore Insurance Services Ltd. All rights reserved.

BuildStore Insurance Services Ltd is an Appointed Representative of the following companies which are authorised and regulated by the Financial Conduct Authority: 

 Mortgage Advice Bureau Limited, Capital House, Pride Place, Derby, Derbyshire DE24 8QR for mortgages. 
Sennocke International Insurance Ltd, 6 Pembroke Road, Sevenoaks, Kent, TN13 1XR for general insurance.

  Mortgage Advice Bureau Limited’s FCA registration number is 455545 
Mortgage Advice Bureau Limited’s permitted business is advising on and arranging mortgages and general insurance. 

Sennocke International Insurance Ltd.’s FCA registration number is 309040 
Sennocke International Insurance Ltd.’s permitted business is advising on and arranging general insurance.

BuildStore Insurance Services Limited. Registered Office: 8 Houstoun Interchange Business Park, Livingston, EH54 5DW Registered in Scotland Number: SC464573

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