With the current Cost of Living crisis, your existing income stream may already be stretched to cover mortgage costs, ongoing living expenses, holidays, etc. So, imagine the impact if an income earner was then unable to work (and earn) for a long period, or worse still, died.
At its most basic level, it’s vital to have a suitable amount of life cover in place, to help pay-off the mortgage, should the unthinkable occur.
However, what is more likely to happen during your working life, is that you suffer a serious illness, or injury, and are unable to swiftly return to work, if at all.
There are products on offer to deliver a lump sum payout if suffering a ‘specified’ serious illness (critical illness cover), or deliver a regular income (until you return to work, or retire), in the event of a specified illness or injury (income protection).
What if you already have cover in place?
If you are looking for savings across your household expenditure, an insurance policy that you feel may never be claimed against, might seem one way to cut costs.
However, do talk to us first before taking any action, as it may prove to be a false economy, plus there might be alternatives that enable you to still have a degree of protection cover.
Please get in touch to discuss this.
