Life Assurance
Unfortunately, when planning for the future you need to consider the lows as well as the highs.
No one likes to think about it, but protecting yourself against the lows will have a positive impact on those nearest to you. Have you considered how your family would maintain its current standard of living if you were unable to work through prolonged illness, or worse, if you died?
Ensuring you have the right cover in place in a worst case situation is essential and we have the experience and expertise to help you assess your needs and tailor a solution designed to protect you and your family.
There are different types of cover available:
Life assurance
Life assurance is a way of providing your family with financial reassurance after your death. Typically you pay monthly premiums to a life assurance company and then in the event of your death they pay a lump sum to your estate or nominated beneficiary. This lump sum can be used to maintain the financial security of your family after your death, such as paying off your mortgage, loans credit cards etc and/or generate income so that you can secure your family’s future.
Critical illness cover
The need for life assurance to provide a lump sum in the event of your death is very clear. However, have you considered what would happen if you suffered a serious illness and survived, but could no longer work? Critical illness cover is designed to pay you a lump sum if you suffer a defined critical illness. This can be essential if you have a financial commitment such as a mortgage which you may struggle to pay if you became critically ill.
Income protection
Have you considered how you would continue to pay the bills and support your family if you suffered a prolonged absence from work through serious illness or accident? By law your employer only has to pay statutory sick pay for up to 28 weeks, this is likely to be less than your full pay and after it has finished you will be dependent on state benefits. Income protection provides regular ongoing payments to help protect your family financial security.
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