Individuals             

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.

  • To protect your beneficiaries against any inheritance tax liability.

Considerations:


Do you want your beneficiaries to be left with the burden of selling your property just to pay the mortgage debt. They may have to sell at a reduced cost and may have the mortgage costs to pay while they are selling it.

 

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 pay off your mortgage or go towards the monthly payments.


Considerations:

 

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

  • How might your life and priorities change if you were faced with a life changing condition? And do you have the finances to support that.

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 financial commitments to maintain i.e a mortgage.

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 family could help consider the impact on their savings and lifestyle.

 

It is important to protect yourself and your lifestyle.

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