Protection - FAQs

Everyone’s circumstances are different, but protection can provide valuable financial support if the unexpected happens. Whether it’s helping your family repay the mortgage, replacing your income if you’re unable to work or providing financial support after a serious illness, protection is designed to give you peace of mind.

Life Insurance pays a tax-free lump sum if you die during the policy term. Critical Illness Cover pays a tax-free lump sum if you’re diagnosed with a specified serious illness covered by your policy and meet the insurer’s definition for a valid claim. Many people choose both because they protect against different situations.

Income Protection is designed to pay a regular monthly income if illness or injury prevents you from working. Unlike Life Insurance or Critical Illness Cover, which usually provide a lump sum, Income Protection helps replace part of your earnings while you’re unable to work.

Not necessarily. The right protection depends on your circumstances, financial commitments and budget. Some people choose one type of cover, while others combine several policies to provide broader protection. During your protection review, we’ll explain your options and help you decide what’s most appropriate for you.

Many people are surprised by how affordable protection can be.

The cost depends on several factors, including:

• Your age
• Your health
• The type of cover
• The amount of cover
• The length of the policy

Protection can often be tailored around your budget.

In many cases, yes. Some medical conditions may affect the terms offered by an insurer, while others may not. Every application is assessed individually. We’ll discuss your circumstances and recommend insurers that are most suitable for your situation.

Some employers provide benefits such as Death in Service or Sick Pay. These can provide valuable support, but they often only apply while you’re employed and may not provide enough financial protection for your individual circumstances. It’s worth reviewing exactly what benefits you have before deciding whether additional protection is needed.

Many people arrange protection when they:

• Buy their first home
• Move home
• Remortgage
• Start a family
• Get married or enter a civil partnership
• Become self-employed
• Take on larger financial commitments

However, protection can be arranged at any stage of life.

Yes. Your protection should be reviewed whenever your circumstances change. Many people review their cover after moving home, increasing their mortgage, changing jobs or starting a family.

If you ever need to make a claim, your insurer will explain the process and confirm what information is required. At NHMB, we’ll also be here to help guide you through the process and answer any questions you may have.

Yes. The vast majority of valid protection claims are paid each year. Claims are assessed against the policy’s terms and conditions, which is why it’s important to answer all application questions honestly and accurately.

Yes. Many people have a combination of Life Insurance, Critical Illness Cover and Income Protection because each protects against different financial risks.

If you’re buying a property with a mortgage, your lender will usually require Buildings Insurance to be in place from the point you become legally responsible for the property.

Contents Insurance isn’t usually compulsory, but it’s highly recommended. It protects the belongings inside your home, helping cover the cost of replacing items if they’re damaged, destroyed or stolen (subject to your policy terms).

We recommend reviewing your protection whenever your circumstances change, such as:

• Moving home
• Having children
• Changing jobs
• Increasing your mortgage
• Getting married
• Becoming self-employed

Even if nothing has changed, reviewing your protection every few years is a sensible way to ensure your cover still meets your needs.

Yes. Most protection policies can be cancelled at any time, although you’ll no longer be covered once the policy ends. If you’re considering cancelling a policy, it’s worth speaking to an adviser first to understand the implications and explore whether there are other options available.

At NHMB, we believe protection should be easy to understand.

We’ll take the time to explain your options in plain English, answer your questions and recommend cover that’s tailored to your circumstances and budget. Our advice is personalised, independent and focused on helping you make informed decisions with confidence.