Everyone thinks it won’t happen to them but unfortunately death, sickness and disability touch most of our lives at some stage. If it does happen to you, the financial impact can be enormous. Who will pay the mortgage repayments, education fees or even the weekly bills? We will advise you on what you should protect and the most efficient way to provide this protection.
Life Insurance
Protecting your family or business from unexpected death is inexpensive and is critical to any comprehensive plan. A tax-free lump sum can provide significant comfort and reduced stress to those left behind and leave them to focus on supporting your family or maintaining your business.
Many people are underinsured at the important times in life, children in education, loans and mortgages, and we also see people who have too much cover when they no longer need it. Money saved here can be used to grow your pensions and savings instead. If you need life cover, we help you to decide how much you should have but ultimately, we look to get our clients to the position where life cover is no longer needed.
Income Protection
This valuable cover means that you would continue to receive income in the event you cannot work due to a long-term absence due to an accident or illness. We have seen first-hand the devastating impact the loss of income can cause to a family. On the other hand, we have experienced the relief and benefits of having an income continue when someone is not well enough to work.
A tax allowable cost, we believe this cover is the most important cover for someone to have. The State does pay an income in these cases, but it is not significant. As your income pays for your mortgage, food, education, not to mention the possibility of additional healthcare costs, it is vital to protect it. Your income is your most important asset.
Specified Illness
This is last on our list of important cover to have although we tend to only recommend this once life cover and Income protection needs have been put in place. Specified Illness cover pays out a lump sum in the event you suffer a significant illness such as Cancer, Heart Attack or Stroke.
These events can be life changing and sustained and should be protected. As Income Protection can only insure your income up to 75% of your pre-disability income, there is a gap in income that Specified Illness cover can fill. Depending on a client’s circumstances Specified Illness cover to protect and pay off a loan is what we like to see. The last thing you need to worry about at such a time is how to pay your debts.
