Could your loved ones survive financially if you passed away?

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Could your loved ones survive financially if you passed away?

October 2019

Could your loved ones survive financially if you passed away?

young family in the park

For most people, that is a simple question and as such provisions need to be made. Either a large savings account that is guaranteed to supplement the loss of household income, or be-friend a mate or family member to give you some cash.

But unfortunately we often need something more concrete, something that doesn’t take too much away from your month to month living but provides an awful lot in the event of a disaster. That gives you extra sleep every morning, knowing your family are protected. This could be the reason for the sharp increase in Brits taking out life insurance.

A life assurance policy allows you to make sure that your family is protected in the event that you are no longer able to provide for them. How would your family cover..

> Day-to-day living costs?

>Mortgage repayments?

>Household bills?

There are many different types of life insurance that may be suitable to your needs, including:

  • Mortgage Life Insurance
  • Critical Illness Insurance
  • Waiver of premium
  • Family Income benefit
  • Whole of life insurance
  • Over 50 life insurance

However, in the UK, only 1 in 10 people in employment currently have a protection insurance policy in place.

There are a number of theories as to why that figure could be so low, one of which could be most of those people don’t have dependants or responsibilities…

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What does the General Public believe

Trust for insurers continues to be a major factor in preventing people from purchasing insurance products.

Not only do people not trust insurers to sell them the right products, but they also don’t believe that they will pay out.

The UK public has a very low expectation of how many life policies are actually paid out and how much money goes to the loved ones of those that were lost.

Latest figures from the ABI show that insurers paid out almost £14m per day in personal protection policies in 2017, a £340 million increase year-on-year.

What’s more, nearly 98% of claims were paid, while the number of payouts increased by more than 20,000 compared to 2016.

If you are one of those people who doesn’t mind going into a public speech with notes, or if you don’t follow the colours at the traffic lights, then you may not like to protect yourself. But, protecting your loved ones is a different situation.

You can align the protection cover with your families financial liabilities:

Mortgage Life Insurance

Mortgage protection is life insurance for mortgage purposes, designed to pay off your mortgage if you die or if you are diagnosed with a terminal (or critical) illness during the term of your policy. It provides a financial safety net for your loved ones, ensuring they are not left to struggle to meet mortgage payments at such an emotional time.

You can select one of two mortgage protection insurance plans: ‘level term’ and ‘decreasing term’. Level term assurance is designed so that the cover will remain the same throughout the full term of the policy. This will ensure that your mortgage will be paid off in the event of death and possibly create a surplus for your loved ones if you have a repayment mortgage. 

The other option, Decreasing term assurance, is designed to repay a typical repayment mortgage in the event of death or diagnosis of a terminal (or critical) illness. This cover simply reduces each year in line with your mortgage. The premiums are generally lower to reflect the reduction in cover as the mortgage is repaid. Ideally you should have sufficient cover for both your mortgage and your family’s other needs.

Critical Illness Cover

Would you be able to support yourself financially if you were unable to work due to suffering a critical illness, such as a heart attack, stroke or even cancer? Could you maintain your mortgage repayments and other household bills? Could you afford any necessary home adaptions?

The most comprehensive critical illness cover policy will cover all of these things. To Summarise, Could you live without any money should the worst happen?

Critical illness cover pays out if you are diagnosed with a specified critical illness (e.g. heart attack, stroke or cancer) and will also pay out if you are diagnosed with a total and permanent disability.

It can run be held alongside a life assurance policy or as a stand-alone product and is absolutely crucial, whether you are single or you have a family to look after. Having the financial security of a critical illness policy means that you can take the time required to make a full recovery without the need to rush back to work allowing you to keep on top of your financial commitments and, more importantly, your health. 

Some insurers will also include, an additional benefit of critical illness cover for your children, so should any of your children fall critically ill, the insurer will make a lump sum payment of up to £25,000 .(subject to the terms of your plan). 

Waiver of Premium

If you were out of work, would you be able to afford your life insurance premiums? If not, you may be forced to cancel your life insurance policy leaving you without cover. 

If your policy includes a waiver of premium, then there is no need to worry. If you are unable to work due to an accident or sickness for a period in excess of 26 weeks, your insurer will pay your premiums for you and will continue to do so until you have returned to work, become incapacitated or pass away. This eliminates the worry of becoming uninsured if you can’t afford your premiums. 

Note: (Waiver of Premium is a product that you can add on to your life assurance policy, usually for a small extra cost).

Family Income Benefit

This is another form of life insurance which, instead of paying out a lump sum of money following your death, pays out monthly tax-free amounts from the time you die to the end of the policy. With this type of policy you will be providing a monthly income for your family, similar to what you are earning at present, long after you are gone.

Whole of Life Insurance

Is life insurance for life? With whole of life insurance, it is.

Whole of life insurance is guaranteed to last until the day you die, no matter what. Whether you want to leave some money behind to ensure that funeral costs are taken care of or just want to provide your loved ones with a guaranteed lump sum of money, whole of life insurance can do just that.

To sum up….

Could your loved ones survive financially if you passed away?

NO? Get a Quick Quote for cover NOW!

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