Insurance
Life insurance
Insurance is there to help in unexpected and unwanted situations and life insurance is no different. These are policies to protect your family if you were to die, many families would struggle to pay the mortgage and other commitments if the main source of income was to die and so that is what life insurance is for.
The life insurance policy you choose can have many different features, some pay out the policy in one lump sum and others can pay out in regular instalments over time. You can choose the level of insurance that you need, to ensure that the just the mortgage is covered, or insure for a larger amount to cover a range of expenses and bills too. You can choose to have life insurance for a specified period of time (for example until the mortgage is paid off) or have a whole life policy meaning the insurance will pay out regardless of when you die.
Deciding on whether you need life insurance and if so what type of cover you would need is a very personal decision to be made by you and as experts in this field we can work with your requirements to find policies that meet your needs and talk you through the pros and cons of each before you make a decision.
As with all insurance policies, conditions and exclusions will apply.
Critical Illness Cover
Insurance covering critical illness is similar to life insurance, but it pays out if you have an illness rather than if you die. The policy will have specific types of illness it will cover and sometimes will also specify the severity of the illness.
Critical illness insurance pays out in one lump sum and is there to cover your financial obligations like a mortgage of you become seriously ill and can no longer work. It can also be used to make alterations to your home, for example adding wheelchair access if your illness leaves you with changed circumstances.
Income protection
For most people a loss of their monthly income would mean a considerable reduction in their standard of living, not to mention an increase in the stress and worry of how they will meet essential monthly bills. For those lucky enough to have savings these can quickly disappear if regular income stops, which often will compound the worry related to your financial future.
Income Protection provides the peace of mind that you will continue to receive a monthly income until you are ready and able to return back to work.
Family income benefit
No-one likes to think about dying. It’s not a nice thought what will happen when we’re gone, but (along with taxes) it’s the only certain thing in life.
While we can’t do anything about that, we can help you prepare for it should the worst happen. Many people choose to take out life insurance when they buy their first home or have their first child, and we would certainly recommend this.
But there are additional insurances that can really help in the event that one or other parent dies early. Family income benefit is one of these – it works in the same way that life insurance does with one big difference. Rather than paying out a lump sum following the death of the policy holder, it pays out a monthly income to their surviving family. This income is tax-free and is designed to help support your family’s cost of living.