According to warnings from advisers, it is possible for families to be at risk if proper income protection is not provided.
Through discussion of the type of protection policies breadwinners and others at home should use, advisers could be of great importance to many clients.
Although individuals are provided with income protection at their workplace, they have actually not become knowledgeable of it.
Therefore, whenever advisers are in discussions with clients over house-person’s cover, it is important.
Based on experts’ opinion, in case a member of one family is working while the other person does not, or has stopped working in order to cater for young children in the family, house-person’s cover could be taken out to provide help for that person if they fall sick.
An income of £1000 could be provided each month by house-person’s benefit to assist the cost of running a home.
More often than not, the major breadwinner is forced to continue working and use the income to settle a childcare or housekeeper if the house-person has become too sick to take care of their daily activities.
Even in case the house-person does not have cover, having their own policy is worthwhile for the major breadwinner in case an unwanted situation should happen to their partner.
As shown by the infographic of the Association of British Insurers, having a policy is not as costly as clients might have thought, and it can significantly increase the weekly income of the household.
In order to increase the successes of this year’s public engagement, income protection, simpler life and critical illness products should be given top priority.
Quotes shown are for a 40 year old male who doesn’t smoke. Policy is £100,000 life insurance cover for ten years with a fixed premium. Example is for illustrative purposes only and was correct on 21/11/2016.
The most common form of protection, ordinary term life cover pays a lump sum to your family if you die within a certain time-frame. Most policies will also pay-out if you’re diagnosed with a terminal illness and have less than twelve months to live
Critical Illness Cover provides a cash lump sum if you suffer from a range of serious conditions within a set time-frame. The money is normally used to pay the bills and provide financial security while you’re on the road back to health
If something serious happens to stop you working - for months, years, or even for life – you’ll want to know you have financial security and that the bills are paid. Income Protection gives you just that, paying a percentage of your income all the time you’re unable to work.
The NHS is groaning under the weight of the UK obesity crisis and newer, more effective medical treatments for a range of illnesses often aren’t available. Private medical cover makes ‘going private’ much more affordable – giving you access to more treatments, shorter waiting lists, and first-class care.
Most company directors are savvy enough to have life insurance, but very few realise they can save up to 53% by taking advantage of a Relevant Life plan.
Group Life and / or Health Cover is the most cost-effective way to provide peace of mind and financial security for the families of your employees.
Key Person Insurance - often called Key Man Cover - is an insurance policy bought and owned by a business to protect its own interests. Cover is provided in the event that an important staff member is suddenly unable to work through critical illness and/or death.
Shareholder Protection Insurance is designed to give you peace of mind in the event that a shareholder in a Limited Liability Company, a member of a Limited Liability Partnership (LLP), or a partner in a partnership dies or is diagnosed as critically ill.
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