Life Assurance
Most responsible people have some financial protection, often in the form of a life assurance policy, designed to pay off a mortgage or protect loved ones. It is, however, crucial to look at wider life insurance needs, to help cover other liabilities or outgoings.
Critical Illness Cover
Contracting a critical illness could have dire results for your family and your own finances, especially if you have a mortgage. Cover can provide a lump sum or regular income if you are diagnosed with a critical illness. This extra money can be extremely useful in the event of prolonged illness.
Income Protection
It is not just illness, whether critical or not, that can keep you away from your workplace. An accident could also result in the loss of your regular salary. Income protection insurance can generally cover up to 75% of your income in the event of inability to work due to accident or sickness. It is particularly important if your employer’s arrangements reflect only the statutory sick pay requirements.
Business Protection
Do you have protection to cover any loss in profit in the event of death? You can cover this risk, which allows you time to restructure or hire and train a replacement. The sudden loss or critical illness of a shareholder can also disrupt a business. They may wish to sell their shares or the family may wish to keep them and become involved in the business. Unwelcome outcomes can be protected against.