Many of us will need to consider life assurance and indeed critical illness cover at some time in our lives, whether that is when we take out a new mortgage, when a child is born, or when we are making plans for our inheritance. Whatever the reason, the fact is that if we were to die and leave behind loved ones who are not financially secure, the impact on those dependants could be severe and life changing for them.
There are many different life assurance policies and critical illness covers available including level, decreasing, index-linked or whole of life. It is important that you understand your chosen cover, and that it is appropriate for your individual requirements, so speaking to an independent professional adviser is strongly recommended.
Critical illness policies provide a lump sum on diagnosis of a serious illness. Funds can be used for any purpose, including paying off a mortgage, supplementing your income whilst off work, convalescing or paying for private medical treatment.
Income Protection policies are also available to provide a regular monthly income should you become unable to work due to an accident or illness.