This is something we are so passionate about and want to help people get it right. We can’t control life events, but we can be prepared and plan for any change.
We insure our mobiles, we insure out pets, so why do we not insure ourselves?
Protection is not just for homeowners; protection is for everyone!
What if your salary stopped due to illness or injury? How would you continue to pay your bills and live your lifestyle?
There are many ways you can be financially resilient and insure yourself, I will touch on the main ones here.
LIFE COVER
This will pay out a lump sum if you were to pass away and is used for mortgage protection and/or if you want to leave a lump sum to family or loved ones.
CRITICAL ILLNESS COVER
This will pay out a lump sum should you be diagnosed with a critical illness. All providers will cover you for illnesses like cancer/stroke/heart attack and many more conditions. The cover gives you a lump sum to help with your mortgage, rent and bills while you are recovering. You can upgrade to cover more illnesses and you can also add children’s cover and other benefits.
INCOME PROTECTION
This will pay out a monthly income should you have an accident or illness that stops you from working. Employers sick pay lasts for a certain time and statutory sick pay is £109.40 per week. Income protection will enable you to keep up with your bills until you are fit and able to return to work and can continue covering up to retirement.
At some point, many will decide to insure themselves, maybe buying a first home, starting a family, or maybe reaching a certain age and thinking more responsibly! The younger and healthier you are when you take out insurance, the cheaper it is.
To give you an example
£50,000 of critical illness cover over 25 years for someone who is 25 years would cost £14pm
Versus
The same cover for someone who is 45 years, £44pm.
“The cost of this insurance depends on several factors, such as your age, smoker status, health and lifestyle. As a result, the cost you will pay depends on your own circumstances”.
You may have insurance already, but it’s good to ensure it still provides what you need. Circumstances do change so make sure you review your insurances regularly.
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