In general people are comfortable insuring their home and contents, cars, phones and domestic appliances etc. Many people however don’t insure their lives or their incomes. How would your family cope if anything unexpected happened to you? How would you pay your mortgage and all your bills if you could not work through illness?Here are the some of the protection products which you should seriously consider if you do not have them in place already:-
During your mortgage term it is more probable that you will be off work with illness as opposed to dying and everybody with a mortgage should protect their income. Income protection is an insurance policy which pays benefits to policyholders who are incapacitated and hence unable to work due to illness or accident. Typically you can insure around 60% per annum of your gross income in the event of illness.
Term life assurance is perhaps one of the most straightforward types of life assurance available. These are policies which are taken out which will pay off your outstanding mortgage balance should you or your partner die during the term of the mortgage.
Family Income BenefitFamily Income Benefit is an innovative type of life assurance designed to give your dependants a tax free, monthly income in the event of your death. These policies are suitable for couples who rely on each other’s income and who have young families or have older financially dependent children.
Critical Illness Cover
With a Critical Illness, because of advancing medical science, you have an ever improving chance of surviving a Critical Illness. Illnesses such as breast or testicular cancers are now curable in many cases but are still considered to be a Critical Illness. Critical Illness Cover is designed to pay a capital sum or monthly income once you are diagnosed with a Critical Illness allowing you have financial peace of mind whilst focusing on getting back to full health.
Whole of Life
Whole of Life Assurance is the only type of life cover that will guarantee to pay a lump sum on your death. The average cost of a funeral is around £7,300. We can provide the peace of mind that your loved ones will not be left with this bill to pay after you have passed away. Whole of Life policies are also extensively used to provide a lump sum to pay an Inheritance Tax bill.