Do I Need Life Assurance and/or Critical Illness Cover
Just consider some possible scenarios.
A Single Person with no dependents:
A single person may think if they die, what does it matter. That’s pretty much the case if you die and provided you have set aside sufficient funds to wrap up your estate and to cover funeral costs.
But what if you suffered a critical illness or permanent disability and couldn’t work again? With no other funds your life could be consigned to a poor and miserable existence. You could lose your own home. You would be dependent on limited state benefits and housing.
A couple:
Most couples rely on each other’s income for housing, especially if they have a joint mortgage. So if one of you died, what a ghastly thought to be suffering the loss of your loved one and then the prospect of losing your home as well.
You wouldn’t think it could possibly get worse, but if one of you suffered a critical illness, this could be devastating. Any life assurance you may have would not pay out until death, which may not happen for years. So you could be in the situation with someone you love seriously ill or incapacitated and the potential loss of their income. How would you cope? Could you cope?
A single person or couple with dependents:
We don’t have to describe to any parent the consequence (both emotional and financial) if you or your partner died or was incapacitated through a critical illness or permanent disability. We all want the best for our children and each other. There is simply no argument for not ensuring you protect your family with suitable insurances.
A Single Person with no dependents:
A single person may think if they die, what does it matter. That’s pretty much the case if you die and provided you have set aside sufficient funds to wrap up your estate and to cover funeral costs.
But what if you suffered a critical illness or permanent disability and couldn’t work again? With no other funds your life could be consigned to a poor and miserable existence. You could lose your own home. You would be dependent on limited state benefits and housing.
A couple:
Most couples rely on each other’s income for housing, especially if they have a joint mortgage. So if one of you died, what a ghastly thought to be suffering the loss of your loved one and then the prospect of losing your home as well.
You wouldn’t think it could possibly get worse, but if one of you suffered a critical illness, this could be devastating. Any life assurance you may have would not pay out until death, which may not happen for years. So you could be in the situation with someone you love seriously ill or incapacitated and the potential loss of their income. How would you cope? Could you cope?
A single person or couple with dependents:
We don’t have to describe to any parent the consequence (both emotional and financial) if you or your partner died or was incapacitated through a critical illness or permanent disability. We all want the best for our children and each other. There is simply no argument for not ensuring you protect your family with suitable insurances.
Some Misconceptions & A Helping Hand
At Lloyd Vine we help you understand your requirements and what little you can expect from the Government. For instance in the fiscal year 2018/2019 the you can get £92.05 per week Statutory Sick Pay (SSP) if you’re too ill to work. It’s paid by your employer for up to 28 weeks. Just consider your salary suddenly dropping to only £4,786.60 per annum and then worse still, what happens after 28 weeks?
We help you look at your employment contracts to see if you have any employee benefits such as life assurance and income protection. Regrettably, these benefits are becoming increasingly rare. But if you have them we can help to incorporate these into your requirements and just make up these figures by offering structured lower additional cover.
People also think the Government will pay their mortgage interest in times of financial trouble. True, there is a current Support for Mortgage Interest (SMI) benefit. However, the benefit would not start until 39 weeks after you claim! This is nearly 10 months. Can you afford to pay your mortgage in the meantime?
Further SMI is to end in its current form on the 5th April 2018 and will be replaced with a loan. The loan offers the same support for paying your mortgage interest. However, you’ll need to repay the loan with interest when you sell or transfer ownership of your home.
We have a range of insurances to help you. These include Life Assurance, Mortgage Protection Insurance, Mortgage Payment Protection Insurance, Income Protection Insurance and Personal Accident and Sickness Insurance. The additional benefit of Critical Illness Cover can be added to most of these policies.
Please contact us to discuss further. Our online Quotes from the menu above can give you some idea of costs. Indeed you can continue to set up some of your own cover from here. However, we do have more markets and to ensure you have the most suitable cover, we recommend you contact us.
Once again we must emphasise we are an independent broker and can source the whole of the available market for you.
Please look at the following short video from one of our many providers.
We help you look at your employment contracts to see if you have any employee benefits such as life assurance and income protection. Regrettably, these benefits are becoming increasingly rare. But if you have them we can help to incorporate these into your requirements and just make up these figures by offering structured lower additional cover.
People also think the Government will pay their mortgage interest in times of financial trouble. True, there is a current Support for Mortgage Interest (SMI) benefit. However, the benefit would not start until 39 weeks after you claim! This is nearly 10 months. Can you afford to pay your mortgage in the meantime?
Further SMI is to end in its current form on the 5th April 2018 and will be replaced with a loan. The loan offers the same support for paying your mortgage interest. However, you’ll need to repay the loan with interest when you sell or transfer ownership of your home.
We have a range of insurances to help you. These include Life Assurance, Mortgage Protection Insurance, Mortgage Payment Protection Insurance, Income Protection Insurance and Personal Accident and Sickness Insurance. The additional benefit of Critical Illness Cover can be added to most of these policies.
Please contact us to discuss further. Our online Quotes from the menu above can give you some idea of costs. Indeed you can continue to set up some of your own cover from here. However, we do have more markets and to ensure you have the most suitable cover, we recommend you contact us.
Once again we must emphasise we are an independent broker and can source the whole of the available market for you.
Please look at the following short video from one of our many providers.