Life Insurance essentially pays out a certain amount of money if the person who is insured dies. This is usually to provide for dependants or loved ones who wouldn’t be able to cope financially in the event of death.
If you have anyone financially dependent on you, such as a partner, sibling, children or even an ageing parent, then Life Insurance is for you. People take out life insurance policies to ensure that, if they die, their loved ones are looked after. Life insurance can help with paying off debts, household bills, childcare costs and account for your mortgage payments.
Life insurance is to provide your loved ones with financial security, it is important to consider writing it in trust to avoid inheritance tax in the event of your death. Writing a policy into trust also skips the probate period, ensuring your family receive the money as quickly as possible. At Health and Protection this is a free of charge service to all our clients.
Critical illness insurance is a product designed for the insurer to pay out a lump sum if you were diagnosed with specified illness or medical condition during the term of the policy. Not all conditions will be covered only the ones stated on the policy this can range from a stroke, heart attack and certain types of cancer.Whats not covered is stated on the policy details this is something that should be looked into properly to insure you are aware.
Why do you need it?
If you couldn’t work due to a long-term illness or disability would state benefits be enough to replace your income?
Allowances range from £70-£100 depending on the severity of your illness and what you are eligible for, do you enough savings to tide you over?
Term Life insurance helps you protect your loved ones by paying a cash lump sum on death or the diagnosis of a terminal illness. Whereby your insurer will only pay out if you die within the duration stated on your policy (the term).