Whether you already have a life policy and are looking to update it, or are searching for one right from the beginning, we can provide the advice and support you need to make the right choice. With our help, you can make sure you, your loved ones, your business or your mortgage are fully covered for all circumstances.
If you already have a policy it may be time to change your provider, as you might be able to get a better premium or get more benefits for the same price. It is important to seek professional advice before you cancel your existing policies so that you can ensure continuity of cover while you make the new arrangements, and this is exactly what we can provide you with.
There are various different kinds of cover available which can help to secure the financial future for yourself and your family. Here we will provide a rough guide about the different types of insurance. Please note that this is only intended as general advice; if you require further information on any of these topics, just get in touch and we’ll be happy to help you.
If you become ill, injured or disabled and are unable to work for any length of time, Permanent Health Insurance (PHI) can be used to replace your income so that you and any dependents have money to live on while you recover or adjust to your new living situation. This kind of insurance can be particularly useful for the self-employed.
Usually, PHI can cover up to 75% of your gross income, minus any state benefits which you become eligible for, and will be paid for as long as you need – whether that is until you return to work, until you retire, or until the policy ends.
Critical Illness Cover
If you develop one of a specified list of critical illnesses, these kinds of policies will pay out a lump sum. This money can be used to fund any life adjustments you need to make, such as adapting your home, or can simply be used for day to day expenses so you don’t have to worry about money while you are ill. This is particularly valuable for single people without dependents, or those who have no other form of financial support should they become seriously ill.
This is a basic and essential kind of protection which many of us invest in as we accumulate major responsibilities such as mortgages, spouses and children. If you have dependents, it is important to consider how they will cope financially should you pass away unexpectedly; life assurance ensures that their living costs will be covered, and can also be used when planning inheritance tax.
Single people with no dependents may not require life assurance, but may wish to invest anyway for several reasons; for example, so that debts will be taken care of in the event of your death and nobody else will have to shoulder them. If you have a mortgage, life assurance can cover it, but it is probably not needed if you have beneficiaries who can cover the payments until the property is sold or if you are happy to pass the house back to the bank.
Long Term Care
As we age, many of us will no longer be able to live independently and will face expenses such as medical bills and care home fees. As none of us know exactly how long we will live and how long our care will need to be paid for, it can be a gamble as to whether we will have enough money available. This type of insurance can alleviate the worry.
There are several options when it comes to this kind of cover. You could go for an immediate annuity, which pays regular fees to a care facility in exchange for a lump sum, or a pre-funded insurance plan, where you will pay regularly into a policy in the present and your expenses will be paid in the future.
If you have assets such as savings or equity in your house, these can be used to help pay for any future care and living requirements; however, this may mean you are unable to leave these assets to your children or other family members.