Policies are designed to help families cope with the financial pressure of losing the household's main earner. Life cover pays a cash sum to your family or a nominated person(s) if you die.
Family Income Benefit can also be included on some policies which can provide a regular income as well as a single payment. It is a vitally important cover to get right and there are different types of life cover, for different needs and potential circumstances.Get covered
Level term insurance covers you for a set period of time, chosen by you when you take out the policy - it will pay out a fixed amount if you die within the agreed term of the policy. This policy is normally best for people who want to know their dependants will be provided for until they are old enough to take care of themselves. Its one of the most common types of life insurance policy.
Decreasing term insurance ensures you are covered for a set period, but the level of the cover decreases every month until it reaches zero at the end of the term. An example of who this may be suitable for is a person(s) who has a repayment mortgage which is reducing the amount owed each month. This policy is best for people who know their sum insured is going to be decreasing.
Buying whole of life cover is usually more expensive than buying a fixed term policy but whole of life assurance does not expire after a fixed term. When you die, the policy pays out a lump sum to your family.
This cover can help with care costs, medical bills and your financial commitments and is often combined with life insurance for extra peace of mind. This is typically in the form of a tax-free cash lump sum if you are diagnosed as having one of the illnesses specified in the policy making you unable to work.
Normally paying monthly or annual funds to your family instead of a lump sum. This policy can often often help mitigate the issue of inheritance tax as both one-off payments and family income benefit can be written into ‘Trust’ - ensuring the money goes to the right people at the right time.
Taking out an index linked policy means your policy is linked to the rate of inflation ensuring your pay out keeps its value over the long term.
An alternative to two separate policies, many couples purchase joint life insurance. It usually works out a bit cheaper and keeps everything safe in one place.
The amount of cover you should take out will depend on your circumstances. The size of your mortgage, debt, and outgoing expenses, as well the size of your family will all be things for consideration. It is advisable to think about what your future needs might be too. It can feel like quite a daunting task planning for unfortunate circumstance but when you talk to us we’ll undertake a thorough review of your situation and make recommendations to help you reach the right decision and can feel confident you have all the right things in place.
Many of our customers choose policies where the premiums are fixed and so they are guaranteed not to rise, and you will know exactly where you stand. However, we can agree lower starting premiums with insurance providers through ‘reviewable premiums’. These types of premiums do not suit everyone because they can go up when they are reviewed on the fifth anniversary of you starting your policy. We will explain our recommendations and discuss all the options to make sure that we get you the right policy and type of premium for your needs.
Ill health can put up the cost of your policy premiums, however it is still possible to find cover. We deal with specialist insurers who will provide cover for customers with pre-existing medical conditions – they’re specially selected to provide good value for people with medical conditions. It is important that you are honest, and you give us all the right information about your medical history so we can find you the best possible cover for your circumstances.
Your individual circumstances and how much cover you need will dictate whether you need a medical examination – in most circumstances it’s a no. When you speak to us, we will guide you through the questions about your health and lifestyle. If your medical history is complicated and you have health problems, you are more likely to need one. But do not worry, our experienced team will discuss your options with you in the strictest confidence - your doctor can not be contacted by any insurer without your permission.
In the last few years, life insurance costs have really come down. Now is a good time to shop around to see if you can get a better premium. We may be able to find you a better deal and if you do decide to switch we can help you cancel your existing policy at the right time, so your cover doesn’t lapse and your family and loved ones remain protected.
Life insurance pay outs are exempt from income and capital gains tax but are subject to inheritance tax. We can help you place your policy into trust which can help mitigate this risk.
At DNA Protect we can provide cover for people up to age 90 years of age. Although the cost of cover generally rises as you get older, we will find you the best deal we can.
Income protection does what it says, if you get sick or injured and can't work, then you still get paid part of your monthly income. It's tax-free and helps you protect your immediate finances while you recover.Get covered
The amount of benefit you receive and the amount you pay each month are fixed on day one and won't change. This means that whilst any benefit you receive in the future will be the amount agreed upon
Your premium is guaranteed. This means it will not change (unless you have chosen inflation-linked cover).
The amount you are covered for and the premium you pay go up each year in line with inflation. This is measured this using the Retail Prices Index (RPI).
When you apply for your policy the premium you need to pay is calculated based on assumptions. These assumptions are reviewed on an on-going basis and the premium you pay may need to change. This means your payments are not guaranteed to remain the same for the whole term of your policy. However the premium you pay will not be changed within the first 5 years of your policy starting, but after that we can change it every year. Your premium could then go up, go down, or remain the same.
Anyone aged between 17 and 59 can take out income protection through DNA Protect. Your policy must last for at least 5 years and must end before you reach the age of 70.
Up to 55% of your annual income before tax up to a maximum of £12,000, however no matter what your income is, we can give you at least £1,500 a month. If you decide to take out cover of less than £1,500 a month, we will pay out the amount of cover you choose.
The minimum amount of cover you can take is £100 a month and prices start from as little as £5 per month for these smaller policies.
With Budget Income Protection, the regular monthly income will be restricted to a maximum of 24 months, however this will reduce the monthly premium you pay.
Critical illness cover pays you a tax-free cash lump sum if you are diagnosed as having one of the illnesses specified in the policy such as a heart attack, stroke or cancer and many more.
This payment can help with care costs, medical bills, or even travelling abroad for treatment and is often combined with life insurance for extra peace of mind.Get covered
We can offer policies that will protect your children at no extra cost. If your child is diagnosed with one of the listed illnesses, or is admitted to hospital with long term physical injuries following an accident, a partial payment could be made and the money can be used to provide financial support and provide a valuable lifeline.
Not all critical illness policies are the same. Let our team search and compare policies from leading UK insurers and help you decide about which cover is best for your circumstances.
A critical illness policy can cover in the region of forty different illnesses. Usually major conditions such as heart attack, heart surgery, cancer, stroke, dementia, and major organ transplants will be included within a policy. However, different insurers will specify the level of severity of the condition that they will cover. Our Protect team will make sure you get the right level of cover for you.
Generally, any alcohol or drug related illnesses are excluded, as are pre-existing conditions and pregnancy complications. Exclusions vary from insurer to insurer, so speak to one of our experts for advice and clarification and get the right plan for you.
Terminal illness cover is usually included on life insurance policies at no extra cost. It could pay out your chosen amount of cover if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less, rather than on your death. Critical illness cover is available when you buy your life insurance at an additional cost. It is designed to pay out your chosen amount of cover if you are diagnosed with one of the policy's specified critical illnesses during the term of the policies.
Life insurance policies can be placed in trust, even when they include critical illness cover. Placing your plan in trust can help protect your beneficiaries from inheritance tax or help to avoid a lengthy probate process. This means that in most cases the people that you want to benefit from your policy will do so much quicker.
Yes, they certainly are.
During the course of dealing with us, we will ask you to provide us with detailed personal information relating to your existing circumstances, your financial situation and, in some cases, your health and family health history (Your Personal Data). This document is important as it allows us to explain to you what we will need to do with Your Personal Data, and the various rights you have in relation to Your Personal Data. The Data Protection Officer for DNA Financial Solutions is Drew Turner. We are registered with the Information Commissioners Office (ZA239120)
Your Personal Data means any information that describes or relates to your personal circumstances. Your Personal Data may identify you directly, for example your name, address, date of birth, national insurance number. Your Personal Data may also identify you indirectly, for example, your employment situation, your physical and mental health history, or any other information that could be associated with your cultural or social identity. In the context of providing you with assistance in relation to your Mortgage and Protection requirements Your Personal Data may include:
When we speak with you about your mortgage requirements, we do so on the basis that both parties are entering a contract for the supply of services. In order to perform that contract, and to arrange the products you require, we have the right to use Your Personal Data for the purposes detailed below. Alternatively, either in the course of initial discussions with you or when the contract between us has come to an end for whatever reason, we have the right to use Your Personal Data provided it is in our legitimate business interest to do so and your rights are not affected. For example, we may need to respond to requests from mortgage lenders, insurance providers and our Compliance Service Provider relating to the advice we have given to you, or to make contact with you to seek feedback on the service you received. On occasion, we will use Your Personal Data for contractual responsibilities we may owe our regulator, The Financial Conduct Authority, or for wider compliance with any legal or regulatory obligation to which we might be subject. In such circumstances, we would be processing Your Personal Data in order to meet a legal, compliance or other regulatory obligation to which we are subject.
We will collect and record Your Personal Data from a variety of sources, but mainly directly from you. You will usually provide information during the course of our initial meetings or conversations with you to establish your circumstances and needs and preferences in relation to mortgages You will provide information to us verbally and in writing, including email. We may also obtain some information from third parties, for example, credit checks, information from your employer, and searches of information in the public domain such as the voters roll. If we use technology solutions to assist in the collection of Your Personal Data for example software that is able to verify your credit status. We will only do this if we have consent from you for us or our nominated processor to access your information in this manner. With regards to electronic ID checks we would not require your consent but will inform you of how such software operates and the purpose for which it is used.
In the course of handling Your Personal Data, we will:
From time to time Your Personal Data will be shared with:
In each case, Your Personal Data will only be shared for the purposes set out in this Customer Privacy Notice, i.e. to progress your mortgage enquiry and to provide you with our professional services. Please note that this sharing of Your Personal Data does not entitle such third parties to send you marketing or promotional messages: it is shared to ensure we can adequately fulfil our responsibilities to you, and as otherwise set out in this Customer Privacy Notice. We do not envisage that the performance by us of our service will involve Your Personal Data being transferred outside of the European Economic Area.
Your privacy is important to us and we will keep Your Personal Data secure in accordance with our legal responsibilities. We will take reasonable steps to safeguard Your Personal Data against it being accessed unlawfully or maliciously by a third party. We also expect you to take reasonable steps to safeguard your own privacy when transferring information to us, such as not sending confidential information over unprotected email, ensuring email attachments are password protected or encrypted and only using secure methods of postage when original documentation is being sent to us. Your Personal Data will be retained by us either electronically or in paper format for a minimum of six years, or in instances whereby we have legal right to such information we will retain records indefinitely.
You have the right to request a copy of the personal information that we hold about you, its origin and any recipients of it as well as the purpose of any data processing carried out.