Unfortunately, the worst happens to people every day. They have an accident or get a diagnosis of a life changing illness affecting them or a close family member. None of us like to think about this, but we can protect ourselves and our families with things like Private Medical Insurance, Critical Illness insurance, Income Protection Insurance or Life Cover.
According to the Association of British Insurers1, in 2017 there were 26.9m individual life insurance, critical illness and income protection policies in force. Insurers paid an average of £9.9m in life assurance, critical illness or income protection claims every day.
1Association of British Insurers, 2017
Our team of local financial advisers based at our office between Sutton Coldfield and Lichfield 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.
We’ve helped many people, and you can ask your Adviser for a copy of the case study we have that explains how we helped a client who suffered a serious illness and literally in a matter of minutes went from being able to work, to being unable to work.
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 financial advisers get in touch and we can arrange a meeting at our offices or at your home. Our Financial Advisers provide financial advice in Sutton Coldfield and throughout the area.
Critical Illness Insurance
A recent survey showed that critical illness, including cancer, MS, strokes and coronary heart disease costs the UK economy over £15bn a year as people withdraw from the workplace.*
A critical illness policy is different to other kinds of protection because it pays out a tax free lump sum when you get diagnosed. This means the money is available for you to spend on converting your home, paying off your mortgage and perhaps most importantly giving you a financial buffer so you can stop working to get better.
Critical Illness Insurance has had a poor reputation in the past, but it now covers more illnesses and conditions than ever before but beware. It only covers the conditions laid out in the policy. No others. And, your illness has to meet the definitions detailed by your insurer. This is why we recommend that you talk to a financial adviser so we can make sure you are fully aware of the different kinds of cover available and what implications this has for you in your individual circumstances.
*Legal & General, Nov 2018
Get Your Critical Illness Insurance Reviewed
If you’ve already got a Critical Illness Insurance policy in place we recommend that you get this reviewed regularly by one of our Financial Advisers providing financial advice local to Lichfield and the wider Midlands area. If you are one of our clients, we talk to you about this at least annually. Please contact us for more details or to make an appointment.New policies are coming to the market on a regular basis, and you should make sure you are still getting value for money and you are covered for as many critical illnesses as possible.
Why You Need Financial Advice on Critical Illness Insurance
There are a wide range of options to choose from and you can cover just yourself, jointly cover you and your partner and you can cover your children up to age 21.Critical illness insurance is typically added to your life insurance. An expert financial adviser from Four Oaks will help you decide what kind of policy or combination of policies would be most beneficial to you and your family and how much cover you 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.
Life Assurance or Life Insurance – What’s The Difference?
Life assurance at its simplest will provide protection for those who will benefit from the policy, such as members of your family, if the policy holder dies. If you don’t die within the term of the policy, the policy merely lapses. There is no pay out of any sort.How it works is that in exchange for paying a premium, the life insurance company will agree to pay a certain sum if the insured dies before a certain date, known as the term of the policy. Life assurance policies are generally the cheaper option of protection policies however this will depend on the circumstances. They perform the useful function of providing financial protection for your loved ones. The same principle of protection applies to a number of other types of insurance whether the benefit is, for example, to provide specific financial help to the deceased’s family, or to repay a mortgage.Life assurance is more flexible than you may think. There are so many different varieties of insurance linked to the life of the policyholder and so many life assurance companies with similar offerings that expert advice is invaluable.Please contact us and one of our Advisors will be happy to talk to you.
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 a financial adviser local to Sutton Coldfield for life insurance. Our office is centrally located near to Lichfield and we’ve got free parking for your convenience. We can of course arrange to meet with you at your home.When you are thinking about supporting your family financially should you die, life insurance is one of the ways you can leave loved ones provided for financially but there are a wide range of policies and benefits. One of our Financial 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 the single biggest monthly outgoing and this type of financial protection will provide funds to help your loved ones maintain a good standard of living if you were to die. The added benefits are that your children should be able to continue in their current school in Sutton Coldfield and surrounding areas and 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 financial advisers local to Sutton Coldfield and the wider area.
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 that on the NHS you would normally have to wait for such as 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 you enjoyed prior to the condition. These are known as acute conditions. Although a chronic (longer-term) disease, illness or injury will almost certainly not be covered some policies provide a cash lump sum or provision for palliative care.We compare private medical insurance from a panel of providers from leading household names to other providers who are equally well established and respected but you may not have come across them before. It’s a bit like our financial 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 Financial Advisers local to Lichfield and the wider Midlands area.