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.
"UK employees just 32 days from the breadline."*
Recent L&G research (2017) shows that if a household's income suddenly stops, people in the UK would have just 32 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.
We have outlined below 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.
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.
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.
*Source: Legal & General research 2017.