Most of us would like to ensure that our families are financially secure in the event of our early death however, considering your personal protection can, and often should, go much further than this.
As well as protecting your family, should you also consider protecting your lifestyle in the event of an accident or serious illness?
Protecting your valuables, car and even your holidays or television are all important so making sure your family and lifestyle are protected must also be of high importance.
There are a whole host of protection options available to you depending on your personal situation and requirements. We can help you to make sure you have the right type of protection, at the right level of cover, at the right price with any benefits paid to you or your family in the most suitable format.
Also remember that you can protect the amount of inheritance tax that your estate may be liable to pay after your death, which could help to see that the full value of your estate goes to your intended beneficiaries.
The types of personal protection available include, but are not limited to:
Life assurance provides a guaranteed death benefit if a claim occurs during the period of insurance. Life assurance can be set for a specific timescale, term assurance, or for the whole of the life assured’s lifetime, whole of life assurance.
Depending on your requirements the benefits can normally be taken as a lump sum or as a series of income payments, normally via a family income benefit policy.
These benefits are typically used to pay off any outstanding liabilities, such as your mortgage, or to provide money for your family to live on after your death.
CRITICAL ILLNESS COVER
Critical illness cover is an insurance policy that would pay out if the life assured was diagnosed with one of the specific medical conditions listed on the policy. Typically the benefits would be paid as a lump sum and any benefits could be used at your discretion.
Cost is always an important consideration but with critical illness cover the quality of the contract is just as important. By using our experience and knowledge within this market we will work with you to ensure you have a suitable policy.
Income protection is an insurance policy that would pay out a percentage of the insured person’s income, after an agreed deferred period, should they be unable to work due to accident or illness.
If you consider that a 25 year old earning £25,000 per annum could have earned £1,000,000 by the time they are 65, being able to replace some of this lost income could be invaluable to you and your family if you were to find yourself in this position.
Your employer, or your savings, will only be there for so long.
LIFE EVENTS AND CHANGES
As you go through life and your personal circumstances change it is important to review your level and types of cover. Changes to your family, earnings and liabilities are all points in time when you should reassess the level and format of cover you have.
Also remember that, if necessary, you can reduce the level of insurance that you have. As part of any protection review we would check to make sure you are not over insured in any areas.