Nobody likes to think of the worst or what could happen if things went wrong. But what would happen if you were unable to work, due to long term illness or disability? How would you pay your mortgage or meet your other monthly commitments? How would your partner meet the monthly mortgage payments, in the event of your death or the diagnosis of you becoming critically ill?
These are things you really should be mindful of and failure to meet monthly mortgage repayments could result in mortgage lenders repossessing your home.
Plan for the future
Life Insurance policies pay out a lump sum if you were to die or if you are diagnosed with a critical illness. A further policy can be added, which will pay out a monthly benefit should you be unable to work through accident or sickness.
Many people, at all stages of life can benefit from the peace of mind a Life/Critical Illness policy can bring. Your adviser will help you work out how much cover you need with your policy. In the event of your death, it may not just be a mortgage you want to have paid, you may want to leave your loved ones enough money to cover income you would have earned or pay for University fees etc.
Life/Critical illness policies have a few extra features which can be beneficial for you. It’s important you take advice when arranging a policy of this type so you can be assured you will have the level and type of cover which suits your needs.
CRITICAL ILLNESS COVER
Choose your cover
No one likes to think about suffering from a Critical Illness, but one thing is for sure, if you were to become critically ill, the last thing you will want to worry about is your finances.
Critical Illness typically pays out a lump sum if you survive a specified critical illness, such as some forms of Cancer, a Stroke, Multiple-Sclerosis, Heart Attack, Kidney Failure, Blindness, Deafness and many more. You can use the payout to pay off your mortgage, medical expenses or even go on holiday – it’s entirely up to you! In addition, your children are usually covered under the policy Free of Charge.
You can choose as much or as little cover as you need, and we will help tailor a quote to fit within your budget. Cover can be relatively cheap, and this includes life insurance, so it can be great value for money.
To ensure you are offered a competitive & comprehensive policy, we will source quotes from a panel of leading insurance companies.
Choose your cover
An Income Protection Policy is one of the most important insurances that you can consider, as without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills? Could you survive on State Benefit alone?
An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an Accident, Sickness and Unemployment (ASU) policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period until you either recover or reach your selected retirement age. Unlike an ASU policy, Income Protection policies typically do not protect you against redundancy.
The maximum cover you can have is typically between 50-60% of your gross income, however, as the benefit is paid tax free, you can replace a high percentage of your income in the event of long term incapacity.