Family protection
At Futures Assured, we’re here to guide your financial future with over 20 years of trusted, expert advice behind us. Whether you’re looking to plan your upcoming retirement or would like advice on your current retirement plan, our advisors are here to support you.
It is easy to forget to insure the most valuable asset in our household
Whilst most insure both their building and contents, some don’t insure themselves. The very thing that brings in the earnings, that raises the family and would cause financial hardship should they not be there. Whilst life assurance can never replace a loved one, it can assist with the financial implications of their loss.
People’s life insurance needs change as their circumstances changes. It may be when they purchase their first home, start a family, needs to protect against inheritance tax or covering funeral cost.
The different forms of life assurance
Level term assurance
This type of life insurance provides a set amount of lump sum death benefit for a set period of time, and would for example be ideal, to protect your family whilst the children are financially dependent or to cover the liability of an interest only mortgage.
Decreasing term assurance
As the name suggests, this type of life insurance covers you for a set period of time but the amount of life cover reduces each year. This would be ideal for cover a capital and repayment mortgage.
Family income benefit
This type of life assurance will provide a death benefit in the form of a monthly (or annual) income for the selected term of the policy. An ideal type of insurance to protect the family without the burden of having to manage a large lump sum to ensure your dependants maintain the lifestyle required.
Whole of life
Often called in the “old days” a death plan, because this type of life assurance will pay out whenever death occurs. These types of life assurance plan are ideal if you are considering inheritance tax planning or looking to cover the cost of funeral planning
Life assurance advice at futures assured
All the above types of life cover are for pure protection only and at no time offer a cash-in value. You are paying for the peace of mind that your loved ones are financially protected in the event of death of the most valuable asset in the household, you!
Contact us at Futures Assured Limited to get advice on Life Insurance Cover. We will be able to ensure it meets your needs and objectives as well as provide you with a competitive quotation without any obligation. Start planning your financial future today.
Critical illness cover is a type of insurance which pays out a tax-free lump sum (or income) in the event that you are diagnosed with a specified critical illness or medical condition during the term of the policy.
It is different from life insurance as it will pay out a lump sum if you are diagnosed with a certain illness, that is named in the policy, but you do not have to have died.
What conditions are often covered by critical illness cover?
Critical illness cover can be set up as a stand-alone policy or can be added as an additional option to various life policies. Whilst the exact critical illnesses covered within a plan will slightly vary between insurers, below will give an example of the likely conditions that are covered:
- Heart Attack
- Cancer (dependent on type)
- Stroke
- Major Organ Transplant
- Coronary Artery Disease
- Heart Valve Replacement
- Blindness
- Deafness
- Alzheimer’s Disease
- Motor Neurone Disease
- Parkinson’s Disease
- Brain Tumour
Some insurers will cover over 60 different types of conditions; therefore, it is essential to seek professional independent advice to ensure you get the right type of cover, the right insurer and competitive premiums. Start planning your financial future today.
Insuring your future finances
When thinking about taking out Income Protection Insurance you will need to consider the following:
- The term of the cover, for example, until an anticipated retirement age or a set number of years you need to be insured.
- The amount of monthly benefit required
- The deferred period, which is the period between become unable to work and the benefits starting to be paid.
All these will have an impact on the cost of the insurance as the longer the term of cover, the higher the monthly benefit and the shorter the deferred period the more the cover will cost.
It is important to ensure that the insurance is tailored to your need and requirements so that you are not paying unnecessary increased premium or have inadequate cover. Find out Futures Assured can support your financial query today.