If you or your partner were to die, it may leave your family facing financial difficulties. Think about it for a minute. What would happen? No-one likes to talk about it but it's a reality that your family could have to face. With suitable life cover your family would receive a lump sum after the life assured dies. This could help to pay off your mortgage or other borrowings or can provide a lump sum to replace the lost household income.
If you were diagnosed with a critical illness what would happen? You may need to take time off work to recuperate or you may not be able to work again. How long would your income continue in these circumstances? Critical illness protection gives you a lump sum payment if you're diagnosed with one of a number of specified critical illnesses. The lump sum could be used to repay your mortgage or used to buy specialist medical care or used to replace lost income or a combination of all these. It is up to you what you use the funds for.
Some employers will pay generous sick pay if you are unable to work for a year or two due to illness. Most don’t. Income protection can bridge the gap between what your employer will pay and what you will need to meet your monthly financial commitments. Income protection will ensure that if you are unable to work for some time your income doesn't stop. You may have an accident or miss work for several months (perhaps years) due to illness but if your income is protected, your plan will pay you a monthly income. Having suitable income protection in place means that you can concentrate on getting better without the stress of worrying about paying bills.
Please note that trusts are not regulated by the Financial Conduct Authority
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12 Highview Avenue South
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