As the Covid-19 epidemic has shown all too clearly, good health and even life itself are too precious to take for granted.
It is a reminder that we need to provide those we love with the financial security they would need if something happened to us.
At Continuum we believe that insurance protection is a vital part of all financial planning – and we can help you pay less for the cover you need.
What cover should you have?
We simply don’t know what is around the corner – but we can work out what we need to protect our families against it.
If you are the sole breadwinner, they would need at least enough to pay off the mortgage, and to take care of the monthly bills from food to council tax.
With no mortgage to worry about they might not need to replace your entire income, but you would still need to cover a large proportion of it.
Even if you are not the sole breadwinner, your partner would probably need extra support if you have a family to care for. He or she might need cover too – losing an income or a carer would leave them with extra costs.
You may already have life assurance – but not the right level of cover. Our financial needs may increase over time, and inflation means that a lump sum that was adequate 10 years ago is not now.
We may not even have the type of cover we need.
To keep our premiums to a minimum, most of us choose term insurance, which ceases when we reach an agreed age. But we are living longer. Our cover may run out before we do.
A whole of life policy could provide for loved ones whatever age we reach and protect your estate, by providing a lump sum to pay off an inheritance tax bill.
Life cover is not enough
But even a whole of life policy may not be enough.
Real peace of mind, and real protection means having a full financial safety net covering your health and your income. You might need to add some extra types of cover to your life policy such as:
Critical illness cover. If you contracted an illness covered by the policy and became too ill to work, you and your family could have the cash you needed with a lump sum payment.
Long-Term Income Protection cover. If accident or illness left you unable to work, this could provide a replacement income until your retirement.
Short-Term Income Protection cover. Also known as Accident, Sickness and Unemployment cover, this could provide a replacement monthly income for one or two years until you were fit again. It can include redundancy cover at an extra cost.
What will it all cost?
Getting the cover you need for your safety net at the best price is vital, especially now when money can be tight for many of us. But you can’t afford to delay, because the younger you are when you arrange your cover, the less it can cost.
Simply call us today. We can discuss your needs and ensure that you have the financial safety net 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.
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