The death of a loved one or diagnosis of a life changing illness will bring upset and turmoil to family life. Having in place an appropriate level of life cover and income protection can help to relieve the financial worry and burden that your family may have to deal with at what is already a difficult time.
At Holden & Partners, we have the expertise to assess your financial needs and identify the areas where cover may be required. We can advise you on an appropriate, affordable policy and the level of cover that best meets your requirements. We research the market to help you secure the best rates and assist you with the application process.
Some of the most common forms of protection are Life Assurance, Income Protection and Critical Illness Cover.
In the event of your death, a life assurance policy can provide a lump sum or income to your dependents. This may be required for a number of reasons such as replacing your lost income to enable your family to maintain their lifestyle, covering a mortgage or paying an Inheritance Tax liability.
Life assurance can also be used to protect a business following the loss of a key employee.
It is important to consider whether you would be able to continue to meet your essential expenditure if you were unable to work for a prolonged period due to sickness or injury.
If there is likely to be a shortfall, an Income protection policy may be the solution. This type of policy will provide a replacement income for as long as you are unable to work, up to the policy maturity date.
Critical Illness Cover
Critical illness cover will pay out a lump sum following diagnosis of a serious medical condition. This generally, but not exclusively, includes heart attacks, strokes and some forms of cancer. A claim could still be successful even if you are able to continue to work following the diagnosis.
The lump sum paid could help to pay for the cost of your recovery and any changes that might need to be made to your home as a result of the illness.