Protection and Healthcare.
No financial plan is complete without thinking about how you can protect yourself and your family against the impact of losing your income, serious illness or death. We’ll talk you through all the options.
View why you should consider protection for your famiily and read some interesting statistics opposite.
Expect the unexpected
Some people may wish to ignore the prospect of losing their income but if that goes then it’s likely that your living standards will suffer too. So, alongside our investment management, we always consider the consequences that death, serious illness or long term injury can have on your family and those close to you.
Recent L&G research (2014) shows that if a household's income suddenly stops, people in the UK would have just 29 days (on average) before their money would run out. This is the stark reality that many people across the UK are facing but measures can be taken to help protect your future.
Here are just a few of the plans that can be considered:
This is where a lump sum will be paid out on death during a specified period. The premiums you pay provide life assurance only and there is no return if you, as the insured, survive beyond the term. There are various types of term assurance from level, family protection and mortgage protection to meet specific needs.
Whole of life
Premiums for these plans are higher than for term assurance as they will pay out a lump sum whenever the life assured dies. The policy usually has a surrender value although some that are designed for IHT planning do not.
Critical Illness Insurance
This pays out a cash lump sum on diagnosis of a specified critical illness such as heart attack, cancer, kidney or liver failure. Policies may be stand alone or as a part of another policy, such as term assurance. We can help you understand what is covered and when benefits can be expected. Find out more.
Payable when you, as the insured, are unable to work because of illness or accident, income protection provides a regular income to replace a significant portion of what you may no longer be able to earn. Benefits can be paid for a defined term or up to retirement age.
"Half of employees would last just two weeks on Statutory Sick Pay before making cutbacks".*
Permanent Health Insurance (PHI)
Designed to facilitate the treatment of acute conditions such as a disease, illness or injury, that start after the policy begins and are likely to respond to treatment.
We’ll discuss these issues with you and then propose solutions through appropriate insurance plans.
*Source: Legal & General research 2016.
Some key statistics:
Cardiovascular disease (CVD)^ causes more than a quarter of all deaths in the UK*
Coronary heart disease (CHD) is the UK's single biggest killer responsible for the deaths of more than one in seven men and nearly one in ten women in the UK*
More than a third of cancers are diagnosed in people aged 75 and over**
Women in the UK now have a one in eight change of being diasnosed with breast cancer during their lifetime**
Cancer is the number one fear for the British public - feared ahead of debt, knife crime, Alzheimer's disease and losing a job**
39.5 million working days were lost in 2014/15 due to work-related ill health and workplace injuries#
* British Heart Foundation Statistics 2015
** Cancer Research UK 2010-2012
# Health & Safety Executive 2015
^CVD is an umbrella term for all diseases of the heart and circulation, including heart disease, stroke and heart failure.