WE’RE HERE TO HELP PROTECT YOU AND YOUR FAMILY
Most families would have to cut their living costs in order to survive financially in the event of the main breadwinner falling ill or dying prematurely. Family protection can be set up to pay a lump sum or a regular income on death or diagnosis of an illness of a family member.
Life insurance, critical illness cover and income protection all play a key part in ensuring your client’s family are covered against the financial impact of death, critical illness, or loss of income due to sickness or an accident.
Our financial advisors can help you find the right protection for your family, based on their needs and circumstances.
Whatever your age, as an adult it’s always a good time to start thinking about life insurance. In particular, people with loans, mortgages and financial dependants should consider getting a life insurance policy.
Life Insurance can help minimise the financial impact that your death could have on your loved ones. If you die or if you’re diagnosed with a terminal illness with a life expectancy of less than 12 months, during the length of the policy, it could pay out a cash sum.
So whatever stage of adult life you’re at, there isn’t a better time than now to shop around for peace of mind
Critical illness insurance
Is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.
In the event of a claim, a critical illness insurance policy will provide a tax-free lump sum (defined at the outset) to the policyholder who can then use these funds as they wish.
In light of the circumstances, the money received from critical illness cover is typically used to supplement income, pay off outstanding debts, cover financial outgoings or pay for any alterations needed to your home (wheelchair access, for example).
A policy will only usually pay out once in the event of a claim during the term and then cease.
Whole life insurance
Is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date. They come in two main types – balanced cover and maximum cover.
With balanced or standard cover, your premiums will stay the same throughout your policy. Even when you get older, and your health may deteriorate, you will still pay the same amount for your cover. As a result, your premiums are guaranteed. You will also have a fixed cash sum agreed upon which the insurer will pay out when you die.
With a maximum cover policy, your cover is linked to an investment fund. The insurer invests the money you pay each month, in the hope that the returns generated from that investment will be sufficient to cover the cost of the eventual payout. Your premiums will then be reviewed on a periodic basis. If the investments are not performing to the level that the insurer wanted, your cover may be changed. The insurer may increase your monthly premiums, or reduce the size of the payout your loved ones will receive after you die.
While these policies are likely to be cheaper initially, premium increases are likely and can, in some cases, be substantial.
Relevant Life Cover
Allows employers to offer a death-in-service benefit to their employees. It’s a tax-efficient life insurance policy, set up by the employer and pays out a tax-free lump sum on the death (or diagnosis of a terminal illness) of the person insured.
It is typically used by businesses that aren’t big enough to establish a group life scheme but want to provide a perk for their directors and staff.
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