Life insurance is amongst the most important insurances you will ever take out. If you have a young family and you are their sole provider, you naturally want to know that they would be able to cope financially if you were to die suddenly.
You need to think about how they would survive day to day paying bills and meeting their basic financial needs. Without the support of your regular and expected earnings, would they cope?
Life insurance will give you peace of mind, knowing that if you die, your family will not have to struggle financially.
We will calculate the level of cover you need and recommend how long the cover should last. The length of time you want the cover to last is known as the ‘term’. With a young family to provide for, it is often desirable to have the insurance designed to last until the youngest child has left school or college. It may last as long as 25 years in the case of a young family, or 10 years if your family is older.
The level of cover you choose will affect how much you pay each month, as will your personal circumstances – for example your age, smoking status, current health etc.
Specified Illness cover
Life is complicated enough when you’re fit, well and have a steady income coming in. But we often take our health for granted, especially when we’re younger. No one needs the added financial, practical and emotional problems that an illness can bring. Sometimes, without warning, these things happen and while no one likes to think about becoming seriously ill, it pays to be prepared for the future. Ask yourself, how would I or my family cope if I became seriously ill?
Specified Illness cover pays you a lump sum amount if you suffer from one of the specified illnesses covered on your plan. You can spend the lump sum however you like, to maintain your standard of living or to help you and your family cope financially during a difficult time.
Different policies cover different illnesses. You need to ensure that the policy you choose covers the broadest range of illnesses available, or the ones that you feel are the most important to protect against. However it’s not just about the number of illnesses covered. The definitions of illnesses need to be carefully examined as they can vary hugely. Some providers have stricter definitions that result in your illnesses needing to be extremely serious before a claim will be paid. Other providers will pay out earlier in the progression of an illness.
To pick your way through the minefield, talk to us today!