Threshold Mortgage Advice

Affordable and flexible family insurance

If there’s one thing we aren’t immune to in life it’s getting sick. Whether it’s a bout of flu or something more serious, there’s simply no telling when or if our health is going to take a hit. That’s why accident and sickness insurance, to protect you during tough times, is so important.

What is accident and sickness insurance?

Designed to offer you financial protection when you’re sick or injured, accident and sickness insurance pays out when you’re incapacitated because of an accident or illness that’s covered by your insurance policy.

Sometimes being unwell is something we can work around just by staying tucked up in bed for a few days. Other times, the road to recovery is longer and more serious, and you might worry about paying your mortgage or other bills. At times like these, it pays to have a plan B in place, one that can step in to relieve you of the financial burden of the everyday so you can focus on your journey back to wellness. That’s the relief that an accident and sickness policy can give you.

But, while it’s easy to see why this kind of insurance is a good idea, it still costs you money to take out and keep the policy active.

How does MultiProtect insurance work?

MultiProtect is an insurance product from Met Life. It’s an accident and sickness policy we can advise on at Threshold, that will pay out a lump sum of money if you get sick or injured in one of the ways specified on the policy. In other words, if you break a bone, and the policy pays out for broken bones, you’ll be able to make a claim.

Cover with MultiProtect starts from just £9 a month* for one unit. For this, you get cover for yourself against a range of core conditions, such as losing your sight in one or both eyes. This is the lowest of five premiums MultiProtect offers; the premium being the amount you have to pay Met Life for the insurance each month.

How do MultiProtect’s unit levels and premiums differ?

In total, MultiProtect offers a choice of five units, each of which carries a different premium. The easiest way to approach these units is to think of them as the tiers or levels that most insurers offer. It’s common for insurance providers to offer multiple thresholds of insurance that, more or less, offer you similar cover. The way in which these tiers tend to differ is in two key areas:

  1. The excess amount (the amount you have to pay out of your own pocket when you make a claim)
  2. The cover amount (the amount the insurer will pay out to you if you make an approved claim)

MultiProtect’s unit system operates in a similar way to these tiered insurance levels (often labelled Bronze, Silver, and Gold or Basic, Economy, and Premium). The five units all pay out against the same conditions, but how much you receive from the insurer depends on the unit you take out.

Unit one, for instance, offers you the lowest payout across the board, while unit five pays out the most, but the monthly premium for unit five is also much higher (five times as much at £45 versus £9 a month at the time of writing). The higher payout given to unit five policyholders reflects the higher premium being paid each month, and vice versa.

Does MultiProtect insure children?

Yes, MultiProtect offers very competitive premiums for insuring children. Child Cover is an optional extra you can add to your policy for as little as £1 per child*, per month, if you choose unit one cover.

Child cover with MultiProtect is open to children aged six months to 18 years, or up to 23 years for children who are still in higher education. Plus, even though you’re the policyholder, your child doesn’t have to live at home with you to receive cover under the policy.

Just as with you, the policy will cover your child (or children if you add more than one eligible child) for a range of health conditions, including some cancers (exclusions apply). You can also upgrade your MultiProtect policy to include Active Lifestyle Cover, which protects you against injuries sustained through exercise, and Specialist Healthcare cover, that’s designed for those who work in a healthcare setting.

Insure your family against accidents and illnesses from as little as £10* today

MultiProtect insurance is only available via an insurance broker; To get protection for yourself from as little as £9* a month or for you plus one child for £10* a month, contact us for more information.

*True at time of writing (May 2024)

Approved by The Openwork Partnership on 10/06/24

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