Are you doing the right thing to protect your family?

Protecting our loved ones against everything life can throw at them is obviously a good thing to be doing.
Most people take out a life insurance policy to ensure the family is financially secure should the worst ever happen, but some experts say a life policy alone is not enough to protect your family adequately against future disasters.

Critical illness

Expert Maya Prabu says: “Life insurance has long been considered the cornerstone of financial advice. Most people tend to go for life cover because it’s the cheapest option, but experience shows that people are much more likely to claim under critical illness policies than life insurance – so it’s important to consider all the coverage options available to protect your family.”
A standard life insurance policy only pays out on the death of the insured, but a critical illness policy will pay out while you are still alive and help you and your family to deal financially with whatever situation you find yourself in.

Needs

The payout can be in the form of a lump sum or a monthly income helping you to cope with a range of needs like mortgage payments, stopping work or paying for private health care.
Recent data released by the Association of British Insurers shows 99% of claims relating to protection areas were paid out last year. Two of the most common reasons for a claim being denied are not meeting any of the definitions outlined in the policy or not supplying the insurer with full information when the cover was taken out – like not reporting a pre-existing health issue.

Expert advice

Modern day insurance can be quite complex, so it’s a good idea to get some expert advice on finding the right policy for your needs.
Our friendly, knowledgeable staff at Financial Protection Ltd are able to guide you through the types of policy on offer and help you decide which suits you best.

What is covered?

The types of illness or condition are clearly set out in the policy. They include heart attack, stroke and cancer as well as whole range of other illnesses which can force you to stop work and put your family under financial pressure.
Policies can also be added to life cover and it could end up being cheaper to have a combined policy than two separate ones.
• If you want a quote or simply want to know more about what’s on offer then give us a call on 0800 103 2613 and we will be happy to help.

“The payout can be in the form of a lump sum or a monthly income helping you to cope with a range of needs like mortgage payments, stopping work or paying for private healthcare”

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