Life is full of uncertainties and whilst we insure cars, houses and even holiday arrangements, when it comes to ourselves and our family, often insurance is over looked and undervalued. The simple truth is we can get too ill to carry on working, or tragically die too soon, either through serious illness or accident. These events are random and they can potentially affect us all. The impact of losing the family breadwinner can be devastating: mortgage repayments missed, savings depleted, your home being sold, your family’s standard of living eroded with stress and worry all too evident. Although state benefits provide some support, few families want to rely on the State to maintain their standard of living.
Our independent financial advisers can help you to protect your family.
In their simplest forms these contracts pay out a lump sum or a regular income over a set term to the policy holder on the death of the life assured.
A mortgage protection life assurance policy is specifically designed to repay mortgages in the event of the death of the life assured.
Critical Illness Cover policies pay the sum assured upon diagnosis of certain defined serious illnesses. Some early forms of these policies only covered major illnesses such as cancer, stroke, or heart attack, but modern policies cover a much wider range of conditions.
Whole of Life Cover is a type of life assurance where the policy pays out upon death of the life assured and where there is no defined term. This type of policy is often used to meet Inheritance Tax Liabilities.
Income Protection policies (also known as Permanent Health Insurance) are designed to replace your earnings in the event that you cannot work because of sickness or disability. Benefits are paid to replace lost income until you can return to work, or to the end of the policy term if later. The word “permanent” means that the policy cannot be cancelled by the insurer as long as premiums are paid by the policyholder.
The National Health Service is designed to provide medical treatment and support to everyone, regardless of their ability to pay. But while the NHS provides a valuable service, private health insurance can offer several key advantages such as access to specialist doctors, drugs and treatments, quicker diagnosis and shorter waiting times.
Long-term care refers to a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves. Long-term care can be provided at home, in the community, in assisted living facilities or in nursing homes. The cost of this type of care has risen in recent years owing to the increased demands brought about by an aging population together with a rising expectation of the standards of such care.
Making financial provision for long term care is an aspect of financial planning that is increasingly relevant and can be of concern to elderly clients. Seeking professional advice can help you to plan for Long Term Care and provide peace of mind in the event that this is required.