Call 07542 022 055 or 020 8558 8300 for free advice on your insurance needs
WHY DO I NEED INSURANCE?
Making sure you get the right level of life insurance cover, over the right period of time and at the best price possible is crucial if you are to make sure that your dependants are to be adequately provided for.
We can arrange life insurance, critical illness, income protection, unemployment cover, family income benefit, building and contents, etc. Our financial planner is very highly trained in all aspects of providing help, guidance and solutions to your life insurance and protection needs.
Our advice is free and entirely without obligation. It's up to you and you alone, whether you decide to arrange your family protection plans trough us.
What is life insurance?
Many of us will at some stage in our lives have the need for life insurance. Life insurance is an agreement between you and an insurer and under the terms of a life insurance contract, the insurer promises to pay a certain sum to a designated beneficiary when you die, in exchange for your premium payments.
Why would you need life insurance?
The most common reason for buying life insurance is to replace the income lost when you die. For example, say that you work, and that your income is used to support yourself and your family. When you die and your income stops the life insurance proceeds can be used to continue to support the family members you've left behind.
Another common use of life insurance proceeds is to pay off any debts you leave behind. For example, mortgages, car loans, medical bills, and credit card debts are often left unpaid when someone dies. These obligations must be paid from the assets left behind but can deplete the resources that your family needs. Life insurance can be used to pay off these debts, leaving your other assets intact for your family to use. Life insurance can be a financial solution because the proceeds are available almost immediately upon your death. Life insurance can do that for you.
Do I need Critical Illness cover?
Critical illness insurance will pay you a tax free lump sum on diagnosis of any one of a wide range of specified illnesses including certain types of cancer, heart attack, stroke, brain tumor and many more. Diagnosis of such an illness would be a major trauma in your life, but you would still have to meet your financial commitments.
Remember, any life insurance you may have won't pay out unless you die or are diagnosed with an illness which will be terminal within 12 months. Critical illness policies can vary greatly in the cover they offer. A basic plan covers the most serious conditions, but a comprehensive plan covers many more including loss of sight, total permanent disability and hearing loss.
Critical Illness insurance would be suitable for just about anyone especially if you would suffer financially if you were to get a critical illness or become permanently and totally disabled.
If you suffered such an illness you would be able to obtain cover that would allow you to receive a lump sum to help with recuperation, medical costs, payment of your mortgage, regular payments to replace your income or even a sum to pay for modifications to your home such as widening your doors for a wheelchair if you were to become permanently disabled.
This type of plan is designed to replace your salary and will provide a tax-free income if you are unable to work through disability. The policy pays a monthly tax-free income until you recover - right up to retirement date if needs be and the payout can be level or set to rise with inflation.
The maximum cover you can have is typically half of your gross income but as it is paid tax-free it should mean that you can maintain a similar level of take home pay. However, some employers provide this cover as part of your overall employment package - so check these details first.
Everyone should have this cover, because the State simply does not provide adequately.
FAMILY INCOME BENEFIT
Rather than providing a lump sum should you die, family income benefit provides a regular, tax-free, monthly income for you and your dependants - from the time of the claim to the end of the plan term.
For example: Plan Term - 20 years. Time claim made - after 16 years. Benefits paid - for the remaining 4 years. This is why family income benefit often costs less than life insurance.
Family income benefit is particularly attractive to those who like to know they have a regular monthly income and would rather not have to worry about complex investment decisions to make the most of a lump sum payout.
ACCIDENT, SICKNESS & UNEMPLOYMENT
Imagine the circumstances. Through no fault of your own you lose your income because you become unemployed. Or you're unable to work because of an accident.
Your mortgage will still need to be paid, as will other family household outgoings like credit cards, loans, council tax, utility bills and even life cover. So what can you do?
Protect yourself and your dependants from short-term financial hardship with Accident, Sickness and Unemployment Insurance, also known as ASU.
For a longer term solution to accident and sickness that would pay out for more than 12 months, we recommend income protection.
Have your circumstances changed?
Whatever happens in life, making sure you have adequate life cover and protection for your family is really important.
So when your circumstances change – moving house, starting or growing a family, changing your job – it's a really good idea to review your life insurance and protection needs.
That's where our adviser can help. He or she has all the necessary knowledge and expertise to advise you on exactly how much cover you should have and the type of life insurance, income protection or critical illness policy you should arrange.
So make sure you get the life insurance policy that's right for you. You can call for free advice our protection adviser on 020 8558 8300 or 07542 022 055.