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The importance of protecting your future

It’s one of those horrible facts of life that things can happen that affect the safety and security of those closest to you. Making sure they’re looked after and able to cope financially if you were no longer around will give you peace of mind and reassurance for the future.

Life insurance critical illness cover

Level or decreasing life cover is designed to pay out a lump sum if you die during the policy term. The amount of life cover selected will either remain level throughout your selected plan term or decrease in line with the mortgage. If you wish to, you can request that benefits increase in line with inflation.

Critical Illness Cover can be purchased as a standalone policy or in conjunction with another policy type. Critical Illness cover will pay you a lump sum should you be diagnosed with any one of a wide range of critical illnesses, the main three being cancer, stroke and heart attack. If you were to suffer from one of these critical illnesses chances are that if you do not die, you will be unable to work and enjoy the same kind of income – your existing commitments, however, will still have to be met. Any other life cover you have in place without this protection would only pay out if you were to die.

Every four minutes someone in the UK dies from cancer (Cancer Research UK, Jan 2017)

Income protection

This is a long-term policy that pays out if, during the policy term, you can’t work and suffer a loss of earnings due to illness or injury. It’s a sad fact of life that an individual’s outgoings don’t necessarily stop if their income did. An Income Protection policy can help people cope financially if they are unable to work because they’re sick or injured. Policies can be tailored to suit individual requirements.

Income protection isn’t just solely relevant to our clients who have a mortgage, those who rent a property could also be exposed financially if they couldn’t work due to illness or injury.

There are more than 100,000 strokes in the UK each year; that’s about one stroke every five minutes. (Stroke Association, Jan 2017)

Family income benefit

This is a form of non-investment life insurance. Life insurance offers financial protection in the event of your early death if your family, or others, are dependent on your earnings. A policy usually covers just one person, but in some cases a spouse or partner can be covered under the same policy. Income is only paid for the term of the policy, so if you pass away towards the end of the policy the fewer the number of years the policy will pay out for. As opposed to providing a lump sum upon death during the policy term, it provides a regular tax-free income for your dependants for the remainder of the policy term. The income benefit received usually remains level over the policy term selected, although you can, however, request that benefits increase in line with inflation.

Speak to one of our friendly advisers for free, no obligation, expert advice on what policies would best suit your personal circumstances by calling 0203 195 1982.

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