‘It will never happen to me…’, “I don’t need to protect my income as I will never be injured”, “I will never fall ill so don’t need to worry about protecting my income” are phrases I hear only too often, if only they were true, says Rachel Irons of Complete Health and Protection.
With the last few weeks proving that you can never, ever predict the future and everyone’s lives being turned upside down, all of this uncertainty has brought with it the realisation that it can and does happen.
So now is the perfect time to consider your future security and implement the right policies to give you and your family some solid financial protection.
Here are three policies to consider:
Income Protection
Income Protection insurance is designed to provide a tax-free monthly income in the event of illness or injury. It ensures you receive a monthly income until you return to work, retire or your policy cease age is reached. You can claim as many times as you need to, whilst your policy lasts. There are two types, short-term and long-term polices and they are available for those who are employed or self-employed. The cost of a policy varies based on several factors including your age and occupation.
Here are some things to consider before taking out a policy:
· What would happen if you got ill and couldn’t afford to pay the bills?
· If you’re employed, do you have sick pay to fall back on -- and how long is this paid for?
· If you’re self-employed, what would you do if you couldn’t work due to illness or injury?
· Can you afford the level of cover you’ll need? You need to set premiums at an affordable level, but also make sure the policy will cover your bills if you do make a claim.
Life Insurance
Life insurance is a policy that pays out a lump sum to your nominated beneficiary in the event of death during the time you are covered. This is normally taken to provide financial support for your loved ones after you’ve gone, whether that means helping to maintain their standard of living or help to pay off the mortgage. There are different types of life insurance to consider, with the most common being level term and mortgage life insurance. Life Insurance premiums are based on a number of factors including Age, Health and Sum Assured.
Whether you need Life Insurance or not depends on your personal circumstances. If you have people who depend on your financially, such as children or a partner; you may want to ensure they have a financial safety net if you are no longer able to provide for them.
Critical Illness Cover
Critical illness cover is a long-term insurance policy which covers serious illnesses including stroke, heart attack and conditions such as multiple sclerosis. It is normally a bolt-on option to your Life Insurance policy. This type of cover would pay out a tax-free lump sum which could help towards mortgage or other financial commitments should you need it. You should look at this type of cover if you don’t have enough savings or employee benefits to secure you in the event of becoming severely ill or disabled.
When considering any type of insurance, it is best to seek advice from an independent financial advisor of broker to find the right policy for you.
“Watching the pennies in this current climate, is as important than ever. Now is the time to get policies in place or reviewed, rather than putting it off until tomorrow. It might not seem the most thrilling task to do, but it could be the most important task you do whilst in ‘lockdown’” says Rachel
To put customers peace at mind, Complete Health and Protection are currently offering individuals and small businesses a ‘Free Health Check’ to review current policies to ensure their cover is still suitable, and importantly to ensure they are not paying above the price that they should be.
To receive a Free Health Check, contact Complete Health and Protection on 01530 587002 or email Rachel at rachel@completehealthuk.com
For more information visit http://completehealthuk.com/
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