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If You Get Sick Will Your Family Be Secure?
Summary
Permanent Health Insurance, Life Assurance and Critical Illness Insurance should all be contemplated by people who have a spouse or children or anyone dependant on them for financial security. Read this article to find out what is relevant and available.
It is appalling but a fact that 1 in 3 of us will suffer some form of cancer before the age of seventy. Kirsty Hughes, a director at Sarah Shaw and Partners, a firm of Independent Financial Advisors, says “”These are not great odds, so protection insurance is very necessary”. Life Assurance is the most common cover taken out, although it is questionable as to whether it is the most essential. Life Insurance is imperative if you have a husband or wife or children but not if you don’t as it pays out after you die. Many people feel that they can’t afford to have Life Assurance but the truth of the matter is that they can’t afford not to have if they have dependants to protect and support. JD Metcalf and Sons a firm of Financial Advisors reveals in a recent survey that 25 per cent of people with a family don’t know if they have Life Cover or not and twenty five per cent don’t have it.
Many business packages compare life insurance but they are by and large not enough to provide an income for a spouse with dependants and cover the mortgage off. A average rule is to insure yourself for fifteen times your income.
Tesco Finance’s research has revealed that during the last fifteen years the average price of Life Insurance Cover has fallen by 44 per cent basically because people appear to be living longer due in part to medical advances making it possible for sick people to get better from conditions that, at one time, would have been terminal. People who already have life cover are possibly not aware of this element and will not gain anything except for when a claim is made, so do not need to feel that they have to stay with their existing insurer – there could well be better deals on the market.
However, Permanent Health Insurance and Critical Illness Insurance premiums are increasing for the reason that people are surviving severe illness and making claims on these policies. They are still vital and ought to beaccounted for if possible particularly if there are no dependants. The question that you have to ask yourself is can I afford not to have an income? For most of us the answer is no and everyone should have income protection.
PHI settlesa tax-free income which is worked out on a percentage of your salary for ‘non-critical’ as well as critical illness and for the complete length of time that you cannot work.
Critical Illness Insurance, should you unfortunately become terminally ill will settle a tax-free lump sum, which can help to reduce money worries or pay for any adaptations that may be indispensable if your mobility has been affected. Statutory sick pay (SSP)doesn’t pay out enough money to assist with the financial impact that severe illness can bring about.
The insurer calculates a premium on your risk profile. If you have a family history of severe illness or drink excessively or smoke a few cigarettes a day your payments will be much higher. Premiums are calculated on the individual but if some of your family have been severely ill, particularly below the age of 49, this could increase your premium by forty eight per cent.
