Protecting your home, mortgage and income is not a luxury. It is essential.
Ensuring your family is provided for in the event of long term sickness, critical illness and the worst of all possibilities is vital.
If you are the breadwinner of the household, you need to consider the impact on your family of you not being there or being severely ill. Would they require a lump sum over and above your liabilities or an income?
Life insurance provides financial comfort in a time of emotional hardship. Many people do have such cover through their employer - often through their pension - but what if you leave that employment or become self employed?
Also, consider the costs of childcare and home keeping in the event of a house person becoming unable to contribute to the home.
Mr O Roxburgh, London
Independent advice when setting up your life insurance is essential. Insurances can unwittingly increase inheritance tax (IHT) liabilities and end up in probate (the legal process which assesses someone’s assets after they have died).
Placing your policy in a trust can help remove these issues. We can also use life insurance to provide an income over a specified period as well as a lump sum.
This offers a lump sum pay-out and can be attached to a life insurance, critical illness cover is a very comprehensive form of protection.
If you are diagnosed with a specified critical illness, then your insurer will pay out the lump sum you have chosen to insure yourself for.
The most common claim areas are heart attack, cancer, stroke and permanent disability.
Thoroughly underwritten upfront to minimise the number of claims denied.
Critical illness cover can be vital, especially as modern medicine can allow us to live for decades after suffering a critical illness.
A number of insurers have introduced severity based cover as an alternative to traditional critical illness.
It offers head-to-toe coverage based on the severity of your illness or disability. This means you could receive a pay-out at an earlier stage of your illness, even if it is not life threatening.
There are varying levels of severity, which are used to determine the amount of money paid out when you need to make a claim.
These levels have been set to ensure claims are paid to appropriately reflect the impact that the serious illness has on your lifestyle.
It means insurers are making partial payments on less invasive critical illnesses, in addition to the usual coverage.
Many insurers are also moving towards ‘engagement based programmes’. These are in effect prevention programmes where you get rewarded for undertaking healthy activities.
This can work really well and includes discounts on gym memberships, healthy foods and health screenings.
Where appropriate we can also set up cover via your limited company in a tax efficient manner for company directors.
Whatever your family protection needs, Independent James can provide invaluable advice.
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