Life Insurance

You have car insurance, home insurance and some even have phone insurance, so why do you not have life insurance?

Every year we all shop around for various insurances; car, home, pet and travel to protect items or people that are important to us. Every year we all pay the premiums hoping that we will not need to claim. So why are so many people’s excuse for not having life cover ‘I won’t need it’? That’s the idea! We all pay £400+ per year for car insurance, hoping we don’t crash.

A Life and Critical Illness Policy is an insurance policy to cover you in the event of your death or in the event that you suffer one of the listed Critical Illnesses in the policy conditions. The cost of life cover varies and depends on your age, health, occupation, term and the level of cover needed.

Below are two examples how drastically life and Critical Illness Cover could change your life.

Scenario 1

You unfortunately suffer a stroke and are forced to take 6 months off of work to recover, of course you may be entitled to State Benefits (Statutory Sick Pay e.c.t) but your partner is forced to continue to work to pay your mortgage and keep the house you have worked so hard to make a home. You are left with a permanent disability and now have to return to work to ensure your mortgage is paid.


Scenario 2

You unfortunately suffer a stroke and are forced to take 6 months off of work to recover, you contact your financial adviser and it turns out all those years ago you took out a Life and Critical Illness Plan. Due to the severity of your stroke your plan will pay out the sum assured of £200,000. You now decide to repay your outstanding mortgage of £125,000 and are left with £75,000. You and your partner decide to both take a year off work to help you recover and adapt your house make your standard of living better (For example, fitting a downstairs toilet or widening doorways to allow for wheelchair access).

Everyone uses the excuse ‘I’m too young’ or ‘it will never happen to me’, but £50 a month is a small price to pay to ensure a loved one is looked after. It’s only a meal out or the cost of a couple of coffees a week.