Covid-19 has brought the importance of Protection Cover into sharp focus. 

There are a wide variety of products available and knowing which is the best option can be confusing. Do you need health insurance, life cover, income protection, critical illness, mortgage protection or all of the above?  Maybe you have cover but it doesn’t meet your needs and requirements.

Is Getting the Right Life Cover Simple?

Life Assurance can help protect your loved ones financially in the event of your death. The adverts on TV and online make it seem very simple. £5.00 a month for life insurance and you’re ready to go, but are you covered correctly? Getting the wrong type of cover or not enough cover can be a costly mistake that can impact your family, loved ones or business. 

The options available to you in terms of safeguarding yourself financially are plentiful and vary in cost and level of cover. Speaking to a qualified Independent Financial Adviser can help ensure the cover you purchase is right for you and your family.

What is Right for me?

The number of protection policies being taken out has steadily fallen since 2014 and only around 50% of households with Mortgages have Life Insurance.

The cover that is right for you depends on your circumstances. For example, if you want peace of mind that your mortgage will be covered if you were to pass away but feel you don’t require life cover after your mortgage is paid off, you may want to consider a mortgage term assurance policy or a level term assurance policy.

Not only are these policies designed to repay your mortgage in the event of your death, they can be taken out to provide a lump sum to your family.

The addition of critical illness to your policy can ensure that should you be diagnosed with a named critical illness you and your family are protected.

We can also advise on whether a policy is required to cover monthly income to your family should you be unable to work due to accident, sickness or redundancy.

It’s important to think about what you might need cover for and some questions to ask are:

  • What would happen if you died? 
  • What would happen if you were ill for a long time?
  • Who are your financial dependents and what financial support would they need?
  • What kind of costs will need to be covered? Is it household bills, mortgage payments, debts or loans, funeral costs?

This is probably something that people have thought more about over the last few months, however they haven’t taken any decisive action or found out more.

At Parker Kelly Financial Services we can help you understand and choose the best products for your circumstances, so you cover yourself to the right level of risk and don’t take out an unsuitable policy.

Please note: all information contained within this article was accurate at the time of publication.