Protecting yourself to protect your family
- 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 and this is likely to be less then your full pay. After that you would be dependent on state benefits. We can help you assess how much income you would need to maintain your family’s lifestyle and then put an appropriate income protection plan in place to provide a replacement income so that if the worst did happen you would receive a monthly tax free sum.
Life assurance is a way of providing your family with financial reassurance after your death. This can help relieve one element of stress during a difficult period. 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 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 meet future financial commitments.
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 or accident 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. There are a number of different types of critical illness plans available and we would be happy to help assess your individual requirements
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