Family Income Protection

I thought that might get your attention! Well what do I mean by that statement?

 

I know I want to be as sure as I can, that my family are looked after if I were to suffer a critical illness or worse, to die. Usually, people take out life and critical illness insurance to cover their mortgage liability, but how many think about adding real peace of mind, in the form of a Family Income Protection policy?

 It’s great to cover your mortgage liability with a suitable life and critical illness protection policy, which will repay the mortgage should something happen. This will make sure the house won’t be taken away, but the bills still have to be paid, like the weekly shop, birthdays, the leaky roof, car servicing, etc, etc.

 Are you looking for additional peace of mind for your family?

A Family Income Protection policy can provide income to meet those bills, after all the kids can’t eat bricks, if there isn’t food in the cupboard!

 A Family Income Protection policy pays an income on diagnosis of a critical illness or death, rather than a single lump sum. It is used to replace income the life assured would have produced for their family, if they had lived or not suffered a critical illness. This income is typically paid annually and payments are paid tax free for the remaining term of the policy.

 For many of us, if we were unable to continue working due to suffering from a critical illness, or were to die, this would cause major disruption in our lives. Obviously, other than the distress of it all, the financial loss is likely to cause the most problems.

 It’s possible to choose an income figure to suit your personal requirements, such as £24,000 a year which is the equivalent of £2,000 per month. Something to be aware of is level sums assured decrease in real terms due to inflation. To off-set this, the income benefit can automatically increase during the term at an agreed rate (e.g. three, five or 10%).

 If you want to avoid the prospect of your family having to eat bricks, a Family Income Protection policy is well worth considering, for the extra peace of mind afforded by this type of policy.