Protecting the Future for Yourself and Your Family
For many individuals, it’s easy to overlook or delay making decisions about purchasing protection for oneself and one’s family. During good times, it’s difficult to imagine a life-altering event happening.
Whilst no one likes to think about suffering a critical illness or something far worse, the odds of it happening are not insignificant. Statistics show 1 in 8 will suffer a critical illness and that 1 in 13 people will die between the ages of 30 and 60.*
Without adequate arrangements in place, the consequences could be devastating for the financial well-being of the entire family and possibly future generations. With some advance planning, the outlook could be very different. To help protect your and your family’s financial well-being, there are several types and levels of cover to consider, including:
- Family income benefit - This provides a regular, tax-free monthly income for your family from the time of the claim to the end of the plan term. Family members would not have to worry about making complex investment decisions because the payout is already determined.
- Life assurance - A form of protection that pays a guaranteed lump sum in the event of death or a diagnosis of a terminal illness during the plan term.
- Critical illness - This provides a guaranteed, tax-free lump sum payment in the event of a diagnosis of a specified critical illness (such as heart attack, stroke or cancer).
Keep in mind that it is possible to combine both life assurance and critical illness cover. Doing so can ensure a ‘safety net’ is in place for the unexpected. You can arrange for the cover to generate a tax-free capital sum or by regular installments.
Contact your financial adviser today to help you determine whether you have adequate protection for yourself and your family. If appropriate, your adviser can recommend which types of protection to consider.
* The Office for National Statistics
