In this day and age, we are lead to believe by many self-help Gurus, that by ‘thinking positive’ all our problems will drift away our lives will be worry free and tranquil.
While, of course, there is great merit in positive thinking we are all aware life does not necessarily work like this and it is important to prepare should the worst case scenario happen.
Deadline to Breadline refers to the number of days on average UK employees and their households could survive financially on their savings – if income is lost through long-term sickness, critical illness or death.
The good news is that insurance can bridge the gaps in your financial security if you were to lose your job, become too ill to work or provide financial support for your family if you were to die.
Term life insurance – is the most basic type of life insurance. It is payable if the policyholder dies before a set date – usually retirement, or at the end of a mortgage term.
This is often a cost-effective option, because premiums are low as the chances of claiming are relatively low. However, should the worst happen, the lump sum can help ease financial worries at a otherwise difficult time.
Critical illness insurance – a fixed lump sum is paid to the beneficiary if diagnosed with a specified serious illness, including most types of cancer, stroke and heart disease.
Income protection insurance – this would pay a monthly amount – usually a fixed portion of your regular earnings – if you cannot work because of ill-health. This would normally only be paid following a specified period of no work. Such protection could be used to cover your mortgage payments as well as other essential bills.
All these policies are available to you as an individual or in some cases employers may also provide this cover for their workers.
If you wish to provide cover to protect your family in any the event of being affected in any of these areas, or if you already have existing plans that may need reviewing please do get in touch.