What would you do if you lost your job or became ill and unable to work? Would you have enough savings in place to survive on for the foreseeable future? You may not want to dwell on it, but what would happen if you died? If you have dependants, how would they cope financially without your income and if you have a mortgage, who would continue with the repayments? Preparing for all eventualities can provide peace of mind, which is why you may want to consider protecting yourself and your loved ones with insurance.
Insurance is a good way to safeguard against unplanned events and can provide your dependants with a lump sum or regular monthly income.
Solutions you might want to consider include:
- Life insurance
- Funeral savings plan
- Income protection
- Critical illness cover
Saving for a rainy day is always a good idea. But your savings may not be enough, so you may need to take additional measures, such as taking out an insurance policy. Insurance is a good way to safeguard against unplanned events and can provide your dependants with a lump sum or regular monthly income.
Your options include:
- Income protection gives you a tax-free income if you're unable to work. Both short-term and long-term options are available
- Critical illness cover typically gives you a lump sum if you contract one of the serious illnesses covered by the policy, although it can also come in the form of regular payments.
Although your funeral costs might be covered by any savings you have, or your life insurance policy lump sum, plans are available that enable you to pay for your funeral in advance. This will give you peace of mind that your family won't have to think about covering the costs during their bereavement.
Our financial advisers can advise you on the best ways to save for rainy days and help you plan for both the expected and the unexpected.
Please be aware that the value of tax benefits will depend on individual circumstances and tax rules can change. If you are in any doubt, please seek professional advice.
