Insurance

Life insurance is not for you, it is for your loved ones.

You should always insure the important assets in your life, the most important being yourself and your ability to look after your dependents.

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Inheritance Tax Mitigation

A lot of people don’t appreciate how expensive passing away is. For example, in the UK there is an IHT allowance of £325,000 and then anything in excess is taxed at 40%. This can have a significant effect on what you end up leaving for your loved ones. Wrapping a Life Insurance policy in an appropriate IHT efficient trust structure is one way to ensure that your dependents receive what they need.

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Protecting your home

A Life Insurance policy can be used to protect your mortgage. If you were to pass away with an outstanding mortgage, your family can use the insurance payment to clear the mortgage and remain in their home.

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Debt Collection

As well as making sure your mortgage is paid off, Life Insurance can ensure that any personal loans, student loans, car loans and credit cards are paid off.

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Financial Stress Relief

If you passed away, finances are the last thing your family would want to worry about.
But if you were gone…

Would they be able to cover all immediate costs?
Would they be able to sustain the same quality of life?
Would you want them to have to rely on someone else to get by?

Life insurance can remove this burden and allow your family to grieve without having to worry about such matters.

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The next chapter

Even if you are lucky enough to not leave any debt behind and your family are in a stable position, it is still worth considering Life Insurance. A Life Insurance pay-out could send your children to their preferred university or be used for a deposit on a house. An unnoticeable monthly premium could have a life-changing influence on your loved ones’ future.

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Critical Illness Cover is a form of insurance that pays out if you are diagnosed with a Critical Illness. There are numerous critical illnesses including cancers, heart attacks and strokes. The illnesses covered can also differ depending upon which insurance provider you choose so it is important to have a shop around.

You can choose how long the cover will last so it is easy to tailor the cover to certain milestones e.g. children finishing their education or your final mortgage repayment.

Critical Illness Cover can also be implemented as a part of your Life Insurance policy so you are paid in either instance.

Do I need Critical Illness Cover?

Almost everyone can benefit from Critical Illness Cover. The cost of cover depends on your age and medical history, so Critical Illness Cover is never cheaper than today.

If you/your family rely on your salary to cover the majority of your expenditure, then you should definitely consider insuring yourself.

If you don’t have any outstanding commitments or dependents, you may still wish to consider Critical Illness Cover in order to ensure you could get the best treatment possible if the worst were to happen.

How much cover do I need?

For those who have fixed commitments, e.g. mortgage repayments, this question is easy to answer. You should have, at least, enough cover to pay off your outstanding commitments if you were to fall ill.

For those who have a family to look after, you should have enough Critical Illness Cover to sustain their quality of life for approximately two years. The two-year figure is used as most people who suffer from a Critical Illness are usually back on their feet or no longer with us after two years.

It is often recommended that both Life Insurance and Critical Illness Cover are put in place in order to secure your financial position against either unfortunate circumstance.