As we start this uncertain year, many of us will be reviewing our financial plans. One of the most important principles of Financial Planning is the protection of our family and dependents should the worst happen.
Protection Plans can include: –
Life Cover
A life assurance policy can pay out a lump sum or regular income, in the event of an untimely death, ensuring one less financial concern during what would be a difficult and emotional time.
Income Protection
An income protection plan is designed to provide income in the event of a long-term illness or serious accident, which results in you being unable to work for a lengthy period.
Critical Illness Cover
Critical illness cover can provide a valuable lump sum or an income if you are diagnosed with a specific serious condition such as cancer or suffer a heart attack.
Peace of Mind
We have helped many people over the years with arranging their protection plans and given them the peace of mind knowing that if anything were to happen to them, whether due to a critical illness or even death, their mortgage would be paid off or their loved ones will be provided for.
Additional benefits that come with many new plans
Although a pay-out is a very important part of a protection plan, many modern plans offer extra benefits. Most providers now offer support services as part of a plan, these can include:
Access to a dedicated nurse to provide tailored and personal support for as long as is needed,
Rehabilitation support from specially trained nurses.
Legal advisers that can help with financial issues such as budget calculators and debt,
Help with mental issues where you can talk to a qualified counsellor about stress, depression, and bereavement.
Added Extras
Many new policies offer flexible menus to allow you to add in extra benefits to suit your needs, for example: –
Children’s Critical illness cover –this pays out a lump sum should one of your children suffer a critical illness. This could be especially useful if you have to take time off work to care for your child.
Fracture cover -which pays out a lump sum should you fracture a bone or tear a ligament, e.g., from a slip on an icy pavement or a tackle on the football pitch! Most of these injuries have no long-term effects, however for some people, they are the difference between working and not working.
Speak with a financial adviser
In this different world we live in, these extra benefits can be priceless and being able to speak to a professional about your wellbeing could be vital. It has never been more important to have the right protection in place and therefore we recommend reviewing what plans you have in place to see if they are still suitable.
If you would like to discuss your protection arrangements, why not contact us? The initial consultation is free and without any obligation.
Nigel Morray
Robert Nicholas Financial Advisers Ltd