Life’s complicated enough when you’re fit, well and have a steady income. No one needs the added financial, practical and emotional problems that a death or critical illness can bring. But sometimes, without warning, these things happen. Protection insurance can’t stop death or a critical illness, but it can make dealing with the financial consequences a lot easier.
What are the options?
Life cover could provide for your family if you die or become terminally ill. Critical illness cover could give you a lump sum if you were diagnosed with a critical illness like cancer, heart attack or stroke if it meets the plan’s definition of that illness.
Is it expensive?
Not necessarily. Just £10 a month could buy just over £212,000 of life cover.1 Or £10 a month could give the same person just over £25,161 of life or critical illness cover.2 Even that amount could help you by covering your mortgage and everyday bills and expenses if you became ill, leaving you to concentrate on getting better. The amount it covered would depend on the level of cover you choose and your outgoings. Many of us already insure our homes, our pets and even our mobile phones – so why not insure ourselves? If you would like more information about personal protection policies, please do not hesitate to contact me on 01276 581896 and I shall be delighted to assist you.
Sources:
1 – Client, male, 32 on next birthday, non-smoker. Life Cover, 25-year term, level lump sum of £212,010.49 on guaranteed rates, payment £10.00 a month, including plan charge of £2.60.
2 – Client, male, 32 next birthday, non-smoker. Life or Critical Illness Cover (not incl. Children’s Critical Illness Cover), 25-year term, including TPD, level lump sum of £25,161.62 on guaranteed rates, payment £10.00 a month, including plan charge of £2.60.
Both Royal London, July 2023