Family Protection

Many people take out life insurance to repay their mortgage.

Seems fair enough but what then? The mortgage on the property could be cleared but there are still bills to pay.

Imagine the impact on a family with young children if the main earner dies.

The remaining parent will need to think very quickly about how they are going to cope financially.

People very rarely get the chance to plan their death. It can be very sudden and equally devastating.

It is sensible to think about additional family cover separately to other cover because it may need to be set up differently.

e.g. A repayment mortgage could be covered with insurance that decreases over time but decreasing cover may not be suitable for family protection.

‘Level’ cover provides a fixed amount of cover for the full term of a policy.

‘Index Linked’ cover will actually increase over time to keep pace with inflation and the rising cost of daily living.

‘Family Income Benefit’ will pay a claim as a monthly amount for the term of the policy.

Insurance serves an important purpose – it provides protection when it is needed the most.

The amount of cover needed while your children are young and vulnerable will be different compared to when they are all grown up with families of their own.

There is a common theme on every page of our website – insurance is not as straightforward as you may think and advice is important.

If you have questions, we have answers. Get in touch.