At Anderson Lloyd we know how important it is to safeguard your standard of life, income and your family.
Should death, injury or illness occur, there is little support from the State. As you go through life it becomes more and more important to protect your assets and income in order to keep the standard of living that you are accustomed to. There are many different needs for financial protection insurance – the main types being life insurance, critical illness cover, income protection insurance and whole of 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 your income?
Life insurance can pay off loans in the event of death, help pay for funeral fees or it could provide an income for the family to support them through the difficult times.
This type of insurance is often essential to safeguard the quality of life which the family is used to.
There are various life insurance providers who offer a range of packages. We can offer life insurance advice on which of these plans 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 surviving them. Critical illness policies pay out a specific amount 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. To keep your standard of living you will still have to pay the mortgage, bills and have an income – critical illness cover can help with this.
If you are unable to work due to an accident or illness would the State benefit be enough to pay your mortgage, bills and day to day expenses? If not, income protection insurance can relieve the risk of you losing 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 run for a fixed period of time. 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 life policies are useful in ensuring that money is left to a surviving spouse can be used to cover inheritance tax bills and are 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 but there are other possibilities too. 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.