Any person is bound to have a peace of mind by just knowing that his life and that of his family is being taken care of in case of or after death or when critical illness comes knocking. This is achieved by taking an appropriate insurance cover.
Advantages of taking a life insurance cover include the following:
It helps one in achieving long-term goals by not only safeguarding him but also through protecting the family assets.
It acts as a form of savings that can later be used in dire circumstances.
The services are now available through the online medium; it is easier to now compare the insurance companies, premiums and any other feature so as to choose the best.
There are many factors to consider before making a decision. This ranges from the cover needed to the period it covers. Other determinants are age, sex, health condition and medical history.
It is a wish for anyone to have his family maintain the kind of lifestyle they are living now even after death. For this reason, a decision should be made to take an insurance cover for the same duration of time. To achieve this, it is advisable to seek help from a professional who will assist in calculating and conveying the necessary feedback to enable one make a wise decision.
The case study below shows payments that were made by Zurich through compensating critical illnesses and support of families during difficult times.
During the year 2015, Zurich revealed paying out £65.4 million in critical illness claims. The 92% claims of critical illnesses totaling to £65.4 million were paid out.
Out of these claims, half of the payouts approximately (55%) were accounted to breast cancer which claimed a third of the claims. Strokes, heart attack and multiple sclerosis followed with second most claims for the critical illnesses.
According to the information released by Zurich, out of the 788 critical illnesses were paid out with 23 going to children with cancer, making total payouts of £421,653.
Zurich further states that out of the claims made, only 8% of critical illnesses claims were rejected, with 7% of the claims failing to meet the definitions and with 1% failing to disclose the medical information.
Apart from the payments made to critical claims, Zurich paid out the majority of the life insurance claims requested of (98.5%). A total of 1,673 families were supported with over £136.8 million during their difficult times.
The above reasons and the case study analyzed clearly explain why anyone should consider taking a life insurance policy.
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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