Choosing the right type of cover in case the unexpected happens
Coronavirus (COVID-19) has exposed – or more accurately, underlined – the importance of life insurance. It’s understandable that we would rather not think of the time when we’re no longer around. But it’s important to protect the things that really matter – like our loved ones, home and lifestyle – in case the unexpected happens.
Choosing the amount of cover you need and how long you need it for
None of us want to think about not being around for our loved ones but life-changing events can occur at any time. The thought of not being around to protect and provide for your loved ones can be a worry.
Helping you repay a debt, like a mortgage and credit cards, or provide a legacy for your friends and family
Term insurance gives you life cover over a pre-agreed period of time. If you die during this period, your policy pays out a lump sum. This type of cover is useful for providing financial security for your dependents.
Cover to protect you for your entire life
You may not think you need as much life insurance once you’ve retired or paid off your mortgage. But the need for cover doesn’t end. Whole-of-life insurance is cover that will pay out when you die, no matter what your age is.
Extra protection for you and your loved ones
Critical illness cover can help minimise the financial impact on you and your family if you become critically ill. Being diagnosed with a critical illness can affect anyone at any age, strike at any time and can turn lives upside down.
How would you pay the bills if you were sick or injured and couldn’t work?
Being unable to work can quickly turn your world upside down. If you couldn’t work due to an accident, sickness or redundancy, you may need to support yourself financially for a long period of time.
Employer-provided income protection
While the financial benefits are usually the main reason why people choose to protect their income, income protection products frequently come with a wide range of added value support. This type of support – for both the employer and employee – usually comes as part of the policy and doesn’t cost anything extra.
Helping you get the treatment you need quickly at a difficult time
Private medical insurance offers you reassurance when it comes to your health. If you become ill then you will have fast access to treatment, meaning you can get better sooner.
Covering the cost of your care depends on several unknowns
With the UK’s population ageing, more people will be living with long-term care needs. This means that as we approach old age, it becomes more likely that we may need day-to-day help with certain activities like washing and dressing, or assistance with household tasks, such as cleaning and cooking. This type of support, along with some types of medical assistance, is called long-term care.
Have you decided what happens to your money, property and possessions after your death?
Since the outbreak of coronavirus (COVID-19), the number of people seeking to write new Wills has risen by over 30%, according to The Law Society. Understandably, the current situation is causing angst among people, particularly elderly and vulnerable clients who are currently self-isolating.