We’re often so busy building the life we want that we forget the things that could put it all at risk. It is reassuring to know that you’re covered when things go wrong.
None of us want to imagine falling seriously ill, being unable to work, or worse. When we see others experiencing difficult times, it is easy to think that it won’t happen to us. But if the worst were to happen to you, would your savings see you through? Having a plan in place can make the world of difference should the worst-case scenario become a reality. It means that your family are protected.
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What you need to know
How could the right insurance protect you and your family?
Life and Critical Illness Insurance is an insurance cover for your family, which is paid in a lump sum or monthly amount in case of serious injury or illness.
- Life Insurance covers the person insured in the event of their death.
- Critical Illness Insurance covers the person insured upon diagnosis of a defined critical illness.
Both can be taken out for a specific sum, over a particular term that’s right for you.
How exactly could it help?
Our plans help protect you and your family from the financial impact of illness, injury, disability, unemployment and death.
Depending on the cover you choose, you could either receive a lump sum payment or regular income payments. These payments could help you to pay bills, debts and other outgoings, as well as help you meet any additional unexpected costs such as medical bills or paying for care.
WHY HAVE BOTH LIFE AND CRITICAL ILLNESS INSURANCE?
Having both of these covered is beneficial for a number of reasons. It can cover mortgage or debt payments, help continue the lifestyle that your family has become accustomed to, or provide income to young children until they reach adult age.
There are some illnesses unique to women that are not covered by insurance policies, and as an all-female team of advisers, these are at the forefront of our minds when we consider our own cover. Breast cancer and breast cancer in situ are often not covered by all policies, and some companies will only offer up to 25% of the policy value in these cases. We recommend obtaining the right advice from the outset and always check the small print.
Would your children be covered?
Some insurance policies cover your children at no extra cost, so if the worst were to happen and your child was seriously unwell, the money could be used to provide additional income for your family.
How do you know what level of critical illness you are getting?
You might have heard of a guide called Defacto, an independent researcher of financial products. They produce star ratings based on a selection of factors.
Each insurance company covers a certain amount of defined definitions (ranging from 25 to 166). Some of these definitions are what is referred to as ABI – Association of Business Insurers. Those with this definition are confirmed to be up to the ABI standard.
As whole of market insurance brokers, we look at all insurance companies on the market, offering rates that aren’t available on the internet or the high street to find the very best solution for you.
We are passionate about helping women take control of their futures, and we’d love to help you find the right Life and Critical Illness Insurance for you and your family.
Get in touch with us now for a free no-obligation quote or review of your existing cover, and we’ll be able to provide full advice and recommendations that best suit your individual needs.
Book a discovery call and discuss things further with a member of our team.