We all think we are immortal and it’s not until something happens to someone else close to us that we start to reflect upon how vulnerable we may be.
Many people have their car or home insured for more than their own life, yet most of the working population have others relying upon the income they earn and it is perhaps with these dependents in mind that you should consider protecting the future wealth and standard of living of those you love against any unexpected eventuality.
Term assurance is similar to car insurance in that so long as you continue to pay the premiums then you are covered in case you die. Also similar to car insurance the term assurance runs for a pre-determined period, some up to 35 years, but the shortest term is normally 5 years. At the end of the term if you are still alive the insurance ends together with your premium payments and there is no maturity value to come back.
Broadly there are three different forms of term assurance, with the cheapest normally being Family Income Benefit (FIB) as this is for a set term and promises to pay a monthly income to your spouse or other nominated beneficiaries for the remaining term of the policy from your date of death.
Then there is Decreasing Term Assurance (DTA), which many people have to cover their mortgage in case they died before completing the mortgage term, as DTA is for a set term but the sum assured decreases each month as your outstanding mortgage decreases. Again this is pure protection with no investment content so there is no maturity value at the end.
Finally, there is straight forward Level Term Assurance (LTA) which is often used as the main family protection product over and above what you might already have covering your mortgage or death in service benefits from your employers scheme. LTA is taken out for a set term with no maturity value at the end.
Whole of life (WOL) assurance is often referred to as the Rolls Royce of life assurance as the name suggests, so long as you continue to pay the premiums it is guaranteed to pay out the sum assured, as there is no fixed term or specific end date.
However, it is important to seek professional advice in this area as there can be slightly different forms of WOL, some with a 10 yearly premium review, which then become 5 yearly reviews and then get even shorter the older you get, some with investment content etc.
We strongly suggest you let us guide you through this maze and ensure you get the exact cover you are looking for and ensure you understand any potential drawbacks or pitfalls.
Being diagnosed with a critical illness can be devastating news, but it is also likely to have a financial impact, not just on you but on the whole family that rely on you as the breadwinner.
There are differing forms of critical illness cover, some cover a handful of potential illnesses whilst others cover virtually every possible diagnoses and some pay out on the severity of the diagnosis, therefore meaning you can have multiple claims over time if the condition worsens or if you are diagnosed with another potentially life threatening illness.
speak to us today, and let us guide you though all your options and choices.
Income protection is an essential safety net for any working/growing family. Many employees will be covered by their employers if they were off work long term sick, but there is only so long an employer is willing or legally obliged to pay you full salary.
So having an additional guaranteed income that kick’s in when the employer reduces or stops paying is exactly what the doctor ordered. Imagine trying to pay the mortgage, utility bills, weekly shop at the supermarket, and the rest of the never ending list of bills on half your usual income or even with no income.
Speak to us today for a free quote, it’s cheaper than you think, especially if your employer is guaranteeing to pay you for the first 4, 8, 13, 26 or 52 weeks, as this means the insurance company do not have to pay out until after a lengthy initial deferment period.
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