In a very confusing protection market, it can be difficult to even understand some of the options available let alone know which is best suited to you. We offer fee-free protection advice for all.
Life Assurance – Protect What Matters, When It Matters
Life cover can be taken as a level (fixed), decreasing (reducing), or an increasing sum depending on what you’re covering and it’s vital you choose the right one. This can be the difference in spending far too much over the life of your protection.
You can cover a mortgage liability in the event of death, you can make sure you leave money to your family and loved ones in your absence to pay for bills, childcare, living etc. you can even set up a monthly income to pay to them if you’d prefer.
Did you know that if you do not have a will in place then an insurance policy would not go to an unmarried partner? This could prove difficult especially if that policy was to protect a joint mortgage. A trust document would solve this problem.
Critical Illness Cover – Family Is Important!
More pricey than life cover but at the same time, between 5-7 times more likely to be claimed on. You can add a smaller proportionate amount of critical illness to your life cover depending on your budget. Some is better than none!
Income Protection – Pay out a regular income in the event you are unable to work
How long could your savings cover your essential outgoings with no income? One? Two? Three months? Most of us wouldn’t make it to the third month.
A good income protection plan can replace a large chunk of any lost income within a month of the doctor signing you off from work.
A recent study showed that 1 in 10 of us are signed off from work due to stress or depression. To add to that, out of 10 of those people, nearly 8 of them said the financial strain of no income hindered their recovery. An income protection plan would allow you to recover without those added financial woes.
Family Income Benefit
So, your mortgage may be covered in the event of death, or even a critical illness, but will your surviving partner be able to continue to fund their lifestyle and ongoing living costs? Rather than having a lump sum pay out and risking it dwindling away too soon, some prefer to have a family income benefit that pays to their family for a set amount of years following their death and subsequent loss of income. If this is something you feel would be suited, we’re happy to run some comparisons to see how this would look for you.