Insurance and Assurance

There are many forms of insurance and life assurance, some of which are mentioned in the sections below. Choosing the most suitable one for you can depend upon a number of factors including tax, cost and the protection required.

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You can use the information and tools on this site to gain a basic understanding of what is available, however this information is only an overview. Only experienced, independent advice following a full review of your circumstances will ensure you find a solution that provides peace of mind.

'General' Insurance

The group of products known as general insurance, includes home, car, and health insurance products. These are  what we consider to be 'every day' insurance products that provide you with peace of mind in the event of the unexpected. Ward House Financial Services can help you to review this vital part of your financial planning needs.

We only offer products from a limited number of insurers for Accident, Sickness and Unemployment also for Buildings and Contents Insurance.

Ask us for a list of the insurer's we offer insurance from.

Call 01983 811505 for an illustration.


Household (buildings and contents)

For Household Insurance we usually offer products from a selected panel of providers. 

It's important you take the time to value your belongings. Many of us may appreciate the value of our possessions only when faced with a crisis, such as a fire or a burglary. And by that stage it could be too late.

If, when a claim is made, you haven't got enough cover, an insurer can reduce the amount it pays out. But don't be tempted to over insure - this will lead to paying higher premiums than necessary.

The Basics

You'll normally insure your home, or building and contents. Policies should provide cover for damage due to fire, lightning, explosions or earthquakes, theft or attempted theft, riots or vandalism, storms or flooding, subsidence, falling trees and moving objects (such as a car hitting your home). You'll also be covered for the escape of water from tanks, pipes, washing machines or dishwashers and leaking oil from heating systems.

Buildings insurance

Buildings insurance covers the structure of your home (walls, windows, roof and so on) as well as permanent fixtures and fittings (such as baths, toilets, fitted kitchens). The amount of cover you need is the rebuilding cost of your home. This includes the cost of demolition (which may be needed after fire, for instance), clearing the site, and architects' and other professional fees.

Contents insurance

Contents insurance policies will cover the items inside your home, such as audio visual equipment, carpets, clothing, furniture, kitchenware, and a limited amount of valuables. Insurers usually apply limits for high-value single items, so specify the value of expensive possessions before you take out the cover. Contents insurance will usually cover you for the replacement of keys if lost or stolen, and damage to locks. You'll also be covered for the theft of cash from your home, up to a set limit. And it will cover your legal liability as occupier of the house, such as liability for injuries to visitors.

Policies can also include accidental damage cover, but you may have to pay extra. This extends cover to include accidental breakages and damage to items such as hi-fis, TVs, computers and video recorders.


Term Assurance

Life assurance can be used to protect income, loved ones and businesses and, in certain circumstances, can be arranged in such a way as to minimise the effect of tax.

Term insurance is the cheapest - and simplest - form of life insurance. You insure yourself for a set term - until a loan is paid off, for example. It doesn't contain any investment element - it simply promises to pay out if you die within the term. If you don't die within that time, you receive nothing.

Term policies can either be level or decreasing. A level policy simply means the sum assured remains 'level’ throughout the term of the policy. If you die on the first day of the policy, you get exactly the same sum as you would if you died near the end of the policy. A decreasing term assurance policy on the other hand, will pay out more at the beginning of the policy than it would at the end.

The way a term policy pays out can also come in one of two ways. Those that pay out a tax-free lump sum on death and those that pay a tax-free income to the end of the term, known as family income benefit policies. As usual there are pros and cons to both, a lump-sum policy would normally be viewed to pay out on death of the life assured and the lump sum could possibly be invested to produce an income if needed, but the income may be dependent upon investment returns at the time of death.  A family income policy on the other hand is often cheaper because the liability is always decreasing for the insurer, for example, if you die in the 18th year of a 20-year policy, the insurers would only have to pay income for two years. It's also easier to work out the level of cover with this type of policy because you simply work out the income you would need to replace.

Business protection/cover

This deals with protecting your business from the adverse financial effects of the death of a key person, partner or shareholder. Business protection can be especially important to smaller companies whose reliance on key individuals for profit may be greater than large corporates.

There are two main types of business assurance, key person and partnership assurance / director share purchase.

Key Person

Is used to inject a lump sum of cash into the business in the event of the loss of a 'key person'. A key person may be a top sales person, or a key designer in a design company etc, someone whose death would have a direct and adverse effect on the company's income. The usual solution is a term assurance policy whose sum assured should be worked out with your financial adviser.

Partnership / Director Share Purchase

Deals with protecting the families and co-owners in the event of the death of one of the partners / directors. Each party agrees before hand the value of his or her share and a combination of term assurance policies and legal documents are put in place to ensure that in the event of a partner or shareholders death, the remaining co-owners have a sum in place to buy out the family of the deceased for a fair sum.


Services we offer

We offer products from a range of insurers for Term Assurance,  Critical Illness, Income Protection, and Private Medical Insurance.

We can only offer products from a limited number of insurers for Accident, Sickness and Unemployment, Buildings and Contents. Ask us for a list of insurers we offer from

We will advise and make a recommendation having assessed your needs for Term Assurance, Critical Illness, Income Protection and Private Medical Insurance, Accident, Sickness and Unemployment.

If your protection policy  is over 12 months old, you may wish us to contact you for a review, to see whether a  more competitive policy can be arranged.