Some people don’t like facing the idea of what would happen if they were to be diagnosed with a critical illness or if they were to die suddenly. But it is always better to have a plan and to be prepared for those eventualities, rather than just pretending that the possibility simply does not exist. It’s vital to consider what the impact could be on your family if you were no longer able to provide support for them.
There are a number of questions that people ask themselves regarding what would happen to them and their family if they became suddenly ill or critically unwell. Here are some of the ways that life insurance and family protection could be valuable.
Would the mortgage be paid off and your home be protected?
If you are the primary earner in the family or your income at least contributes to paying off the mortgage on the family home, it’s worth thinking about what would happen if you were no longer able to work or were not around to provide that income. You can take out a life insurance policy that would pay off your mortgage in the event of your death. Of course, money might be the last thing on the mind of your family in such tragic circumstances, but their financial security is clearly an important consideration in the long term.
Would there be a lump sum available for your family?
You could choose a policy that provides a lump sum to your family to help pay off debts or provide living expenses in the aftermath of your death. This could also help your family to pay any inheritance tax charges as well as provide for other arrangements such as funeral costs.
Will you need regular income to top up your sick pay?
Of course, it may be the case that you suffer a long-term injury or illness that may stop you from working for a very long period of time. While in the UK, employees are entitled to statutory sick pay it may be the case that the amount could be significantly less that your normal earnings. This could make it necessary to take out family protection insurance that tops up your sick pay to a level that would keep your family secure.
For more information on family protection and life insurance to help resolve these issues, give us a call on 0800 849 7744. Alternatively you can complete the form on the right for a free, no-obligation quote.
- Decreasing term to cover a repayment mortgage or loan.
- Level term provides a lump sum for your family.
- Can be written in trust to avoid possible inheritance tax charges.
- Single or joint cover for life only and/or critical illness.
- Income protection to pay a monthly sum if you cannot work for a long period due to illness.
- Whole of life to cover funeral and other costs.
- Combinations of cover to meet your budget.
- Always remember to keep your protection up to date – many people forget to update their cover when their circumstances change.
We are a highly experienced life insurance broker, so whether you would like us to set you up with a quote or you simply want more information on the options available to you, call us today on 0800 849 744.