Whilst you cannot predict the future you can certainly prepare for it. Some insurance is required to complete a mortgage offer (e.g. building insurance), while some are there for peace of mind. Our advisers can talk you through the options and what is available on the market.
Life assurance – An essential if you have dependents who would need financial support if you were to die. There are various types of life assurance to choose from depending on your budget, how much and when you want your lump sum to be paid to your loved ones.
- Term Assurance – will pay a fixed lump sum or can be reducing, to cover a mortgage. It may also provide a regular income during the term of the policy. Term is usually or a fixed period and has no cash value.
- Whole of life – this is more expensive as it will pay out on death whenever it occurs.
Critical Illness – Most people don’t like to contemplate what would happen if they were diagnosed with a critical illness, however not considering it could cause further heartache.
Paid out through a lump sum, critical illness cover can help alleviate the financial burdens of home modification or private therapeutic care, and manage the day to day bills.
It can be combined within a single protection policy. Premiums tend to rise with age and will depend on both yours and your family’s medical history.
The illness definitions vary between providers, making research and comparisons against different policies important.
Income Protection – No-one can guarantee they will not be the victim of an unfortunate accident or diagnosed with a serious illness; however you can guarantee the bills will keep arriving.
Paid through monthly premiums, an income protection policy is essentially a piece of mind insurance. Often paying around half your income, the regular tax free income can help relieve financial hardship and enable you to maintain your standard of living.
Cost is dependent upon your occupation, health and is generally written until your stated retirement age.