Life Insurance Guide

Written by Dominic Brierley

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Here at The Money Guardian we want to help you figure out what you need to protect your life and those of your loved ones. It can be confusing to know what would be most beneficial but that is where we can help!

With our free service where we review your protection needs, we will:

 Assess your circumstances to establish and identify any shortfalls or lack of cover
 Guide you through finding a package that is right for you, your circumstances and budget
 Find the best way to ensure your family can stay in your home should you die
 Look at ways to cover your mortgage payments if you are diagnosed with a critical illness
 Compare your income and advise on a policy that will provide you with comfortable level of income should you become seriously ill
 Investigate with providers any previous of current medical and health issues to achieve the best policy for your circumstances
 Make life easier, we are with you every step of the way through to getting the cover in place.

On reflection, the short amount of time it takes to arrange your cover is nothing in relation to a lifetime of protection and the peace of mind that this brings. Our team have access to the whole of the market, where we spend our time researching what provider will provide you with the best policy possible based on your health and lifestyle situation.

What type of cover is out there?

Decreasing Mortgage Life Protection

This is a policy to make sure your home is not at risk if you should die before the loan is repaid. It is essential for ensuring the family can remain in the home if the household was to lose the income of the departed spouse. This can be a relatively low cost policy where the lump sum payable decreases in line with the mortgage loan.

Life Protection

Whether it’s leaving a legacy for family members or ensuring family life can continue for the loved ones left behind if you die. This policy will pay a lump sum to whomever you wish to receive it or will be placed into your estate, to be distributed as per your Will. If you do not have a Will your estate will be decided by intestate rules, in plain terms the government decides what will happen to your life payout, a reason to ensure you have your Will in place. Our team can advise you on the benefits to putting your policies in trust.

Critical Illness Cover

We have covered what is out there if you were to die, but more commonly we find that suffering from a critical illness is more likely to occur in your life-time. We all like to think positive and the way we live our life means we will not experience illness but why take the gamble Putting this policy in place will provide you with a tax-free lump sum to help pay the bills, take time off work to recover or carry on with daily life if diagnosed with an illness such as cancer.

Income Protection

This policy is designed to pay a monthly income if you are unable to work due to injury or illness. Do you know if your employer provides sick pay, do you know how much statutory sick pay is? Would it cover your outgoings if to unwell to work? Maybe you are self-employed, this type of policy is so important if you do not have an employer to provide that income.

Whole of Life insurance

This policy does what it says in the title, the claim can be made on death at any age, unlike the previous policies where there will be a set number of years. This policy may assist your family with the costs applied on death, such as inheritance tax, funeral costs and paying any debt.

Business Protection

What would happen if your partner was to die, would you find yourself with an unknown shareholder. Taking this type of policy out with your business needs in mind will give your business the money it needs to buy the shares back and keep you in control of your business plans

Key Persons Protection

How would your business cope without your valued employees, would the absence of a key person impact on your business? Key person cover gives your business the capital if a key person is diagnosed with a critical illness or dies.