Life Insurance
Leave something behind for your loved ones
If it’s important for you to leave something behind for your loves ones and ensure your dependents wouldn’t have financial worries in what would already be a distressing period, life insurance may be the solution. It works by paying out a lump sum when you die. It’s often used to provide sufficient funds to pay off a mortgage to ensure you wouldn’t leave your loved ones with the burden of mortgage to pay, providing peace of mind to you and your family.
Structure your cover appropriately
There are many ways life insurance can be structured and so we can help ensure we structure your cover appropriately for your circumstances and preferences. In essence, there are three main types - level term assurance, decreasing term assurance and whole-of-life cover.
The cost of life cover depends on your age, health, pre-existing medical conditions, lifestyle, smoker status, how long you want cover for, how much cover you need and the type of policy you’ve chosen. We can compare policies from a range of different insurers to ensure we setup the best cover for you.
What is critical illness cover?
If you were diagnosed as being critically ill, would you really want the burden of having to keep up mortgage payments? Would you want a lump sum to help you and your dependents cope while you focused on recovery? If so, critical illness cover is worth considering. Similar to life cover, this insurance pays out a lump sum upon diagnosis of a specified illness during the term of the policy. It’s often available with life cover policies but can also be taken out on a standalone basis.
Upon a successful claim, the payout can be spent as you wish. For example, some may use it to pay off the mortgage, or on medical costs, healthcare, potential home conversions, etc… The payout can be spent in any way you want.
There are many ways critical illness cover can be structured and so we can help ensure we structure your cover appropriately for your circumstances and preferences. In essence, there are two main types - level term assurance and decreasing term assurance.
As with life cover, the cost of cover depends on your age, health, pre-existing medical conditions, lifestyle, smoker status, how long you want cover for, how much cover you need and the type of policy you’ve chosen. We can compare policies from a range of different insurers to ensure we setup the best cover for you.
Many plans will also provide additional benefits such as cover for children at no extra cost, 2nd medical opinions, access to specialist healthcare helplines, annual health checks, gym discounts, etc…
What is income protection?
Some may be fortunate enough to have the security of sick pay from their employer for a few months. After that, unless you have substantial savings in place, you may have to rely on limited state support or the generosity of family members if they can afford to help. The key questions are, if you were to suffer an accident or sickness and were off work longer term, how would you keep up your monthly outgoings? How important is it to maintain your financial independence and not have to ask others for money?
Income protection can provide you with a regular income if you’re unable to work due to illness or injury. The monthly payout is typically based on a percentage of your income, typically between 50%-70%. The monthly payout continues either until you’re able to return to work, or until the end of the policy term, retirement or death – whichever happens first. Income protection can therefore provide valuable peace of mind that if you can’t work, you can still afford to pay your bills.
In order to make this cover as cost effective as possible, we can structure your cover to complement your existing sick pay from your employer so that as soon as your sick pay reduces or finishes, the income protection plan starts paying out. Payments from personal income protection policies are tax-free.