PROTECTION
Could you and your loved ones cope financially in the event of illness or death?
When it comes to insurance, the majority of us will prioritise other spending over the cost of life/critical illness/income protection. If we're happy to pay home insurance and fully comprehensive car insurance, why do we not put the same level importance on our own health and lives?
Whether it's life insurance to pay off your mortgage in the event of your death, so that your partner doesn't have to worry about the monthly mortgage payments without your income, or critical illness cover if you need to take time off work when diagnosed with a serious illness, it's important to budget protection into your financial plan and hold on to your financial security wherever possible.
Life Insurance
A policy which pays a lump sum in the event of death. Life insurance can be held in trust, which means that on death you can pass on the proceeds quickly (without the need for probate) and free of inheritance tax.
Critical Illness
A policy which pays you a lump sum in the event of a critical illness. Statistically, 1 in 2 of us are likely to be diagnosed with a critical illness. If you need to take time off work, insurance will help to take the financial pressure away.
Family Income Benefit
A policy which pays an income to your beneficiaries in the event of your death. This could be to cover expenses for your children until they are older, or to cover living expenses after the loss of your income.
Income Protection
A policy which pays you an income if you have to stop working due to illness or injury. Could you afford to cover your bills if your income was to reduce or stop altogether? If not, you should consider income protection.
Private Medical Insurance
In the UK we get free healthcare on the NHS. Private medical insurance can speed up the process of treatment when the NHS is under pressure and has long wait times.