With over half the men and women in the UK currently either with too little life assurance or none at all, it’s little wonder that more often than not, when serious illness or tragedy strikes, those closest around you plunge into financial turmoil. Whether it is having to cope with the laws of intestacy because there is no Will, not having enough money to pay off the mortgage or debts or simply losing an income, it is vitally important that you consider protecting your life, your income and your wealth. A question often asked is why do we value our houses and cars with insurance but not ourselves?
When thinking about a strategy for protection, you should consider the following key areas;
Life Protection – how much do my loved ones need to repay my debts and provide them with an income if I were to die?
Critical Illness – if I suffered a serious illness, what kind of lump sum would I want to help me maintain my standard of living?
Income Protection – how much do I need each month to live on and how long will my employer pay me this income?