Regretfully, we often hear that someone we know has had an accident, been diagnosed with a critical illness or died. As Advisers giving advice in Sutton Coldfield and across the Midlands, we work with families and businesses. We can’t reduce your risk of a life-changing illness or event. What we can do is help our clients reduce the financial impact of a diagnosis, accident or death of a loved one.
Your Adviser can help you protect yourself and your family with a range of financial protection. Our advisers give specialist advice on Critical Illness insurance, Income Protection insurance, Life cover and Private Medical insurance. We also advise businesses on business protection. Please contact us.
Critical Illness Insurance Case Study
We all hope “it will never happen to us”. But a sudden, unexpected life-changing event meant everything changed for one of our clients. She was very relieved to have Critical Illness cover in place. Although she doesn’t want us to mention her by name, she has given us permission to tell her story.
Our client has worked with our Financial Adviser, Nic Whittaker for some time. She and her partner’s initial contact with him was to discuss how they could get on the property ladder as they had recently had a baby girl. Nic gave them advice on how to save for a deposit, and later arranged a mortgage for them.
“Nic explained our mortgage to us and the monthly payments etc. He included the importance of having a critical care/life insurance policy which would cover us if either myself or my partner were seriously ill which resulted in us not being able to work full-time (as we both did) or if the worst was to happen to either of us.” Says our client.
She went on to say that she did have to think about having to pay extra money out each month, when finances were already stretched. She and her partner were both fit and healthy, so surely “This wouldn’t happen to us”.
Making A Decision
She continued “Nic explained the [Critical Illness] policy thoroughly and didn’t put any pressure on us to take it out. But on reflection we realised what ‘as mess’ we would be in if either of our health was to deteriorate and we were unable to meet the monthly payments of our mortgage. We agreed to take out the policy that was recommended by Nic and felt a lot happier and assured that we had made the right decision.”
What Happened To Change Her Life
Our client is a 41 year old woman, fit and healthy. A mum who was working full-time in a busy management role. She could never have predicted how her life and her family’s life was going to change.
In June 2019 she was diagnosed with a brain aneurysm. She suffered seizures and a bleed on the brain. This was a very worrying and stressful time for her family as they were unsure as to whether she would fully recover. She had two operations and is now recovering at home.
She says “It is now 6 months after my operations, and I am still off work and having to re-assess what my future holds and whether I will ever make a 100% recovery. I therefore can’t stress enough how important it is to have such a policy in place and would recommend it to everyone regardless of your age/health. If it had not been for Nic and we had not taken his advice, our family would not only have my recovery to worry about but also the financial worry of ‘how are we going to pay our mortgage?’
When claiming her Critical Illness insurance our client benefitted from the support of her Adviser and our team. The provider in this case was Legal & General. At Four Oaks Financial Services we only work with first-class providers. In doing so our insurers do not try to get out of paying claims. On the contrary, Legal & General were exceptional in their desire to pay this claim and help our client.
All of our Advisers are qualified, and our clients also have access to a Chartered Financial Planner and Fellow of the Personal Finance Society.
For a no-obligation conversation with one of our Advisers get in touch and we can arrange a meeting at our offices or at your home. Our Advisers provide advice in Sutton Coldfield and throughout the area.
Critical Illness Insurance
Why You Need Advice on Critical Illness Insurance
There are a wide range of options to choose from. They need to be tailored to your unique circumstances and in line with your overall holistic lifestyle financial plan. You can cover just yourself. Jointly cover you and your partner. You can cover your children up to age 18 and sometimes up to age 22. You need specialist advice to ensure the cover is suitable for you.
You can look for Critical Illness cover online but we recommend you talk to your Adviser. This kind of cover needs to be fully researched and explained so you are certain what is included and excluded. Some policies come with extra benefits with others the extra benefits may be subject to a cost. Please contact us.
Critical Illness Insurance & Life Insurance
Critical Illness insurance is typically added to your life insurance. Our team of Advisers in Sutton Coldfield are specialists in financial protection. Our Advisers will help you decide what kind of policy or combination of policies will be most suitable for you. They will also advise on how much cover you and your family need.
In the event of your death, it may not just be a mortgage you want to have paid. You may want to leave your loved ones enough money to cover the income you would have earned or pay for University fees and so on.
Life insurance policies and critical illness policies have a few extra features which can also be beneficial for you. It is very important that you take expert advice when arranging a policy of this kind so you can be assured you will have the level and type of cover which best suits your needs. Contact us for a no obligation conversation about Critical Illness Insurance.
It is Important To Get Your Critical Illness Insurance Reviewed Regularly
If you’ve already got a Critical Illness Insurance policy in place, we recommend that you get this reviewed regularly by one of our specialist Advisers providing advice local to Lichfield. If you are one of our clients, we will talk to you about this at least annually. Please contact us <link to Contact Us page> for more details or to make an appointment.
New policies are coming to the market on a regular basis, and typically cover more illnesses. This is basically an insurance policy, and you should review all of your insurance annually to make sure you are still getting value for money and you are covered for as many critical illnesses as possible. Please contact us.
Life Insurance policies pay out a lump sum if you were to die or if you are diagnosed with a critical illness. An additional policy can be added, which will pay out a monthly benefit should you be unable to work through accident or sickness. It is important to get the advice of an Adviser local to Sutton Coldfield for life insurance.
When you are thinking about supporting your family financially should you die, this kind of insurance is one of the ways you can leave loved ones provided for financially. However, there are a wide range of policies and benefits. One of our Advisers local to Sutton Coldfield will recommend the most appropriate cover for your specific circumstances.
Many people take out life insurance when they are taking out a mortgage. Your mortgage payment is often your single biggest monthly outgoing. Financial protection will provide funds to help your family maintain a good standard of living if you die. Added benefits are your children should be able to continue in their current school in Sutton Coldfield or locally. Life insurance may also mean that they can afford to go to university.
There are also many unpaid roles that parents do such as cleaning and childcare. If you were to die the protection of a life insurance policy could mean that your family will be able to pay for these services or your spouse or partner could work fewer hours and provide them. Get in touch and we can arrange a meeting with one of our Advisers local to Sutton Coldfield.
Private Medical Insurance
Private medical insurance is not a replacement for the NHS which is still the best place to go for emergencies and some medical conditions. What it does is give you access to medical services on the NHS you would normally have to wait for. For example, cataract removal, knee or hip replacements and many more conditions.
Private medical insurance is for medical treatment that helps to cure a short-term condition and get you back to the level of health prior to the condition. These are known as acute conditions. A chronic disease is a longer-term illness or injury. This will probably not be covered but some policies provide a cash lump sum or provision for palliative care.
Our Advisers local to Sutton Coldfield compare private medical insurance from a panel of providers. These include household names to providers who are equally well established and respected, but you may not have heard of. It’s a bit like our advice. Because we are experts in our field we can research and recommend the most suitable option for you for your particular set of circumstances. Please contact us to discuss your private medical insurance with one of our Advisers local to Lichfield. Please contact us.
Corporate Financial Protection
If you are a business owner or a senior person within a business, please refer to our Corporate Services page. Here you will find details of the corporate financial protection we offer and other corporate services.
Your Local Team Of Advisers
Our team of local Advisers based at our office close to Sutton Coldfield provide expert advice on critical illness insurance, life insurance and income protection as well as private medical insurance. This advice is offered as part of our holistic Lifestyle Financial Planning approach. Get in touch for more information.