Life & Illness Protection
Most people prefer not to think of death, or suffering with a disability or illness. Unfortunately during our lifetimes we will at some point lose a loved one, know someone who suffers from a serious illness or is disabled as a result of an accident.
Nothing can make up for any of these, but it’s not just the basics of everyday living such as food, heating, clothing and the mortgage that need to be paid for, but also the extras which are often taken for granted. These may include the annual holiday, or treats for the children.
In certain circumstances, on the death of a husband or wife, the state currently provides a bereavement payment that is just enough to cover the basic funeral costs. Unmarried partners receive absolutely nothing!
The Widowed Parents Allowance and Bereavement Allowance provide a modest level of income, but again unmarried partners get nothing!
You need to ask yourself “Without me can my family survive?”
Without planning the consequences of any of the above can be disastrous and in extreme circumstances this could even result in the loss of the family home. You may also wish to consider protection for your spouse and dependants. Beware of using life cover and price comparison websites, unless you have independent financial advice you could end up with the wrong type of cover, not enough cover and could end up worse off.
It is important to consider putting your life cover into Trust, which mean that the benefits of your policy are given to right people at the right time.
Life cover (non-investment) and income protection risk warning
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Additional risk warning for Critical illness plans
The policy may not cover all definitions of a critical illness. For definitions please refer to the Key Features and Policy Documents.