Personal Family Protection

Family Protection

We are all used to insuring our homes, our cars and in some cases our pets, but often appropriate cover for ourselves is overlooked. However, experience has shown us that having the right level and mix of benefits in place is invaluable. This might include basic life assurance to cover a mortgage or provide a lump sum to family members in the event of death, critical illness benefits, income protection and health insurance.

Saving is a great habit to get into and the sooner you start it the better; but savings take time to build up, and in the event of the death or serious illness of a family member, plans can be completely derailed. The good news is, there are products available that can take away or minimise some of these risks; the type of insurance policy you might need depends on your situation.

 

  • A Life Insurance policy will pay your dependents a lump sum or regular payments if you die unexpectedly and this is normally tax free. If you have a partner or children, life insurance can provide you with the reassurance that they will be able to cope financially without you. They may use it to pay off debt, such as a mortgage or loan, or to simply ensure they have money to enjoy the lifestyle they were used to. The following shows the claims experience in 2018 of a major UK insurer^
  • Income protection insurance is designed to support you financially if you can’t work due to illness or injury and your income drops. This type of policy is particularly relevant for the self-employed, those that wouldn’t get sick pay for very long and those that have financial liabilities such as mortgages or are the main bread winner in the family. It pays a tax-free income to the insured person until the earlier of their selected retirement age or when they are able to return to work. Benefits are typically set as a proportion of your normal income but can be fixed to cover specific liabilities such as a mortgage or that plus basic living costs. The following shows the claims experience in 2018 of a major UK insurer^
  • Critical illness cover, pays out a lump sum or series of lump sums in the event you get a specific type condition that whilst life changing many not be fatal. This type of cover is often arranged alongside Life Insurance cover or can be included on an “either/or” basis where the sum insured will be paid out in the event of death or diagnosis of a critical illness. A major insurer recently The following shows the claims experience in 2018 of a major UK insurer^

Act now to secure your family’s financial future

If you have a mortgage or other financial liabilities, Life Insurance, Critical Illness and Income Protection insurance can be particularly important. But cover can be just as important to ensure you and/or your family can maintain their lifestyle if the worst happens.

Family protection products are often thought of as commodity products that can easily be purchased online or at the check-out. We believe such products need to be considered just as carefully as other areas of financial planning and that care and time should be taken to ensure the cover is appropriate to the need.

 

^Source: Aviva Individual Claims Report Spring 2019. Life Assurance and other protection benefits rely on you providing accurate information at the time of application. Acceptance for cover and the cost will depend upon your health and other personal circumstances. Benefits will be payable only if premiums have been paid to the date of the claim. For fixed term policies, at the end of the term, cover will end and if further cover is needed a new application will need to be made. These types of policy do not acquire a cash in or surrender value at any time and the only value payable is the insured benefit in the event of a claim.

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