noun pro-tec-tion | pro’tekSHon
1. protection against insufficient money to repay debts if your partner become critically ill or dies prematurely.
What are the risks?
In the event of someone dying prematurely they leave a partner and / or dependents with insufficient capital to meet their requirements – particularly the repayment of a mortgage and other debts.
Quite separate from this, is the risk of the bereaved having insufficient income to meet their ongoing fixed costs (the bills) and discretionary expenditure (the things that make life worthwhile).
If such a life changing event should be a serious or critical illness – the risk is having insufficient capital and / or income to fund a period of convalescence when we need to focus on our treatment & recovery – NOT worry about money!
For life, critical illness and family in benefit insurance we offer products from a selected panel of providers
The solution might include…
Earmarking existing savings & investments to provide the required capital
Reviewing existing life assurance policies
Checking if there are ‘Death in Service’ benefits at work
Checking if existing policies include one known as a Family Income Benefit
Checking if any policies include ‘Critical Illness Cover’
Things to consider…
Are existing policies ‘in trust’ for the people we want to protect?
Have we written an ‘Expression of Wish’ to ensure any benefits at work are paid to the people we want to protect
Have we written a personal will
Have we increased borrowing since previous policies were taken out
…is being able to get on with life secure in the knowledge that at least there would be no money worries to add to the difficulties of dealing with such a life changing event.
Please be aware:
Will writing is not part of the Quilter Financial Planning Offering and is offered in our own right.
The Financial Conduct Authority do not regulate will writing.
Our top tip...
Traditional critical illness policy cover an average of 35 medical conditions.
New policies are now available covering over 160! This means you would be covered for serious illnesses, partial disabilities – not just critical ones!
Get in touch 0151 328 5678Contact us
For accident, sickness & unemployment insurance we offer products from a selected panel of providers.