Life is always unpredictable – which is why ensuring you have both long term and short term protection for your family is vital.
Most of us understand the importance of life insurance. It would provide for our loved ones if we were no longer there to provide for them ourselves.
If we are a breadwinner for a family, and especially if we have a mortgage life cover is vital for peace of mind alone.
But many people who have what they think is adequate life insurance in place are leaving their loved ones at risk.
At Continuum we are looking at why you and your partner both need life insurance.
Life insurance is not just for the main breadwinner
Many couples only have life insurance in place for the main breadwinner. Even when both partners are working, a significant number may try to economise by only providing cover for one.
Losing a partner can also have impact on your financial arrangements. Suddenly being faced with full responsibility for the cost of the home you shared and other commitments would probably add financial hardship to the pain of loss.
It is tempting to imagine that a partner who has the main responsibility for children does not need cover, especially if they are a full time parent. This can be a costly mistake – even a non-waged parent makes a very valuable contribution to the financial security of your family.
But what about the costs?
Many couples may not give themselves the cover they need because of concerns about the expense. This is understandable enough at the current time, when money can be tight for everyone.
Fortunately, you can arrange joint cover for yourself and your partner, which can help keep costs down while providing the protection you need.
Joint cover, as the name suggests provides life insurance for both of you under the same policy. It costs less than two independent policies, because it is only designed to pay out on the death of the first partner.
This means that joint cover can be a more affordable way to provide the type of financial security you need for an uncertain future.
Joint cover – and all round security
Getting the best arrangement for joint cover is a job for an expert. There are many insurance providers and we can help you secure the bespoke protection plan you need.
But you might not want to stop with simple life cover. Your family could be at risk from illness and accidents that are debilitating but not fatal, and from workplace problems. At Continuum we can help – and discuss extra protection, such as critical illness cover or an income protection to replace your earnings if illness means you are unable to work long-term.
The first step to securing this cover is to arrange a protection review with a Continuum adviser. They can discuss the options and the costs involved in putting together a complete financial safety net, based around your needs.
A life insurance solution designed for you both, supported by financial protection that would go to work if illness, accident or other problems meant you could not do so yourself could be in reach.
Getting the cover you need can be a great deal easier if you have an expert to call on. At Continuum, we have the expertise you need.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable Protection products or investment strategy, you should seek independent financial advice before embarking on any course of action.