Life and Critical Illness Protection
Ask yourself some simple questions –
- What happens to your family finances if the main breadwinner (s) die suddenly?
- What happens ( particularly if you’re self employed) if the same breadwinner(s) become critically ill and are unable to work.
- Do you know what the state will provide in either of these circumstances?
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 difficult times and is essential to safeguard the quality of life which they are 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. The purpose of critical illness cover is to provide a lump sum or income to take away the financial burden at a time when focus needs to be on treatment.
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.