COUPLES

 

The types of cover we advise on and why you might need them.

1.Life Cover;  pays out in the event of death during the term of the plan.


Why might you need it?

  • To cover a mortgage or other debts and to provide financial support for your partner.


Considerations:

 

  • Could you afford to keep the mortgage on your jointly owned property if the other dies?

 

2. Critical Illness; pays out in the event of being diagnosed with a critical illness.

Why might you need it?

  • To help fund medical costs, to make lifestyle changes, replace any loss of income.

  • To help cover the costs of your partner looking after you. They may need to take time off work.


Considerations:

  • 1 in 2 of us will suffer a critical illness during our lifetime.

  • The main causes for a claim in adults are cancer, heart attack, stroke and MS.


3. Income Protection;  pays out in the event of being unable to work due to sickness or accident.


Why might you need it?

 

  • If you have little savings to fund any time off work while you recover.

  • If you have limited or no cover from work other than statutory sick pay.

  • If you are self employed and reliant upon your own ability to work.

  • If you have a joint mortgage to maintain.

Considerations:

 

  • In 2018 the average age of a claim was 43 for the provider Royal London with the average length of time a plan was paid out for being 9 years and 11 months.

  • Could your savings last 9 years and 11 months? If you think your partner could help consider the impact on their savings and lifestyle, consider the strain on your relationship.

It is important to protect yourself, your partner and your lifestyles.

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