Life Assurance & Critical Illness Back
Have you ever considered how you would cope financially if you were to be diagnosed with a critical illness? Or worse still, how your family would manage without you if the worst should happen? We understand how difficult these questions can be and it’s easy to shrug them off thinking ‘it won’t happen to me’, but the reality is - it can happen to us all.
Life and Critical illness cover can help you plan for these unforeseen eventualities. Most commonly, this type of cover is taken by way of a term assurance policy. With this policy, you and your family would be paid a lump sum if you were to die, or be diagnosed with a critical illness within a specified term. This could be the term of your mortgage, or to a specified date when the cover is no longer needed for example, a child leaving education.
You can go even further and tailor the cover so it is just right for you. If the cover is to ensure a capital repayment mortgage liability is cleared then you can have a policy where the cover decreases over the term. If the cover is to provide for a specific purpose such as school fees and you want to inflation proof the policy, you can have increasing cover.
There is also the option of ‘Whole of Life’ cover. Many people will use this to pay for costs that are definitely going to be there such as funeral expenses. Others use this as an inheritance tax planning tool to ensure an inheritance tax liability is covered if they die.
Whatever the need for having the cover, it is undeniably a crucial part of planning for the future of you and your family. Having cover in place will give you the peace of mind knowing your family is taken care of, whatever happens.
We would always recommend that you speak with your financial adviser so they are able to ascertain what type of cover and how much you need.
If you would like to discuss any aspect of Life Assurance & Critical Illness cover, please call our team on 01803 652030 and we will be happy to help.