Life Insurance

Protecting wealth

Life insurance, critical illness insurance and serious illness insurance is the most common way to provide adequate financial security for you and your family.
Life insurance and Critical illness insurance are different types of policies.

Basic life insurance provides a specified lump sum in the event of the bereavement of the insured person. Additional options are available on basic life insurance policies.

Critical illness insurance provides a specified lump sum if the insured person is diagnosed with one of many specified critical illnesses, during the term of the policy. Critical illness cover is a more comprehensive form of life cover. Critical illness cover provides financial security for the insured person during their recovery. Unlike basic life insurance policies that only payout on the death of the insured person. Additional options are available.

Terminal illness cover is different than critical illness cover and is sometimes confused with critical illness insurance. Terminal illness insurance is an early life insurance payment when recovering from any critical illness is not possible. Typically during the last year of the insured person’s life.

Case study

Bobby and Judy have a great life.
• They have 3 children all financially dependent upon them.

• Bobby and Judy have a house and are both in full time employment.

• Their household income is around £50,000 yearly.

• They use the income to pay the mortgage, loans, credit cards, utilities, car, insurances, mobiles, broadband, etc.

• Their 3 children have hobbies costing money every month, such as piano lessons, gymnastics, football training and whatever else.

• Bobby and Judy enjoy taking holidays and they take the children away every year.

• Like most people they eat out and enjoy takeaways.

• Like most the majority of their income is spent on their general living costs.

Summary
If either Bobby or Judy become either terminally ill or non-terminally ill. They would have no way to maintain their lifestyle or their childrens’ lifestyle due to a lack of income from their employment caused by the inability to work as a result of the illness. They could protect themselves against this adverse situation for a premium each month, using critical illness cover and other income protection policies.

Your adviser will identify, discuss, recommend and arrange a protection policy for you, your assets, your lifestyle and your families lifestyle, during your appointment.