Insurance and Protection

This section is about safeguarding your standard of life, income and protecting your family.

If the worst was to happen such as death, injury or illness you will not receive much support from the state. As you go through life it becomes more and more important to protect the assets and income that you have in order to keep the standard of living that you are accustomed to.

There are many different needs for protection insurances the main types being Life Insurance, Critical Illness Cover, Income Protection and Whole of Life Insurance.

Life Insurance

If you were to die what position would the rest of the family be in? Could they pay the mortgage? Would they have enough savings to get by without the main breadwinner?

Life insurance can pay off loans in the event of death, help pay funeral fees or it can provide a lump sum or income for the family to help them get through tough times.

This type of insurance is often essential to safeguard the quality of life of the family is used to.

There are various life insurance providers offering a range of packages. We can advise on which of these would best suit your needs, and provide affordable reassurance and peace of mind for you and your family.

Critical Illness Cover

With advancements in medical technology people are a) being diagnosed with more illnesses and b) are surving them. Critical illness policies pay out a lump sum or a monthly benefit in the event of you being diagnosed with a critical illness. It has to be stressed that a critical illness is not one that is terminal, the purpose of critical illness cover is to provide a lump sum or income to take away the financial burden whilst in difficult times.

If you are diagnosed with a critical illness then it is likely that this will affect your ability to work in the short term however to keep your standard of living you will still have to pay mortgages, bills and have an income, critical illness cover can help with this.

Income protection

If you are off work due to an accident or illness  will the state benefit be enough to pay your mortgage, bills and day to day expenses? If not then income protection insurance can relieve the risk of you loosing your standard of life due to accident or injury. Income protection provides an income usually until retirement if you cannot work.

At Anderson Lloyd we can advise on the cover which most suits your needs.

Whole of Life Insurance

All of the above policies have a term, an amount of years that the policy runs for. Whole of life policies are exactly as they are described - they run for the whole of your life. They are similar to life insurance in that they will pay out a lump sum in the event of death. Whole of policies are useful to ensure that money is left over to a surviving spouse, they can be used to cover inheritance tax bills and can be an efficient way of passing money on to beneficiaries. Whole of life policies are guaranteed to pay out as long as you keep on paying the premiums whilst life insurance will only provide cover for the term you have decided upon.

These are the main types of protection insurance, there are other types of insurances. It is essential to get advice to make sure that you have a suitable policy for your needs. Please feel free to contact us for a review to ensure that you have the most effective cover at the right cost