Life Insurance: Are You Covered?

Posted on Jan 22 2020 - 9:00am by Samantha Clark
Share with your friends or save for later...
Share on Facebook
Facebook
Pin on Pinterest
Pinterest
Tweet about this on Twitter
Twitter
Email this to someone
email
Share on Reddit
Reddit
Share on LinkedIn
Linkedin

It’s always hard to consider the future let alone considering something going wrong in the future. It’s incomprehensible! But what if it did? We’re not necessarily able to have enough in savings to ensure we’re covered for every eventuality, particularly if something serious happened. Insurances give us that piece of mind that if something did go wrong at least we know there are measures in place and our wishes can be carried out. Of course having assurances in place can be a costly affair, costing hundreds of pounds per household per year.

There is an extensive amount of assurance products out there but how can you tell what you is right for you and what it is you need? Unfortunately there is no simple solution- it’s about conducting research, looking at the various sources of information on the web, using impartial representation such as broker/financial advisor to do the searching for you, contact with insurance companies/solicitors directly and/or relying on friends and acquaintances who might deal in specific avenues of insurance/wills. We also have to succumb to the fact that, in the case of most policies, we pay quite a bit of money for insurances but see no immediate benefit except a depletion in our monthly earnings.

The types of policies available

  • Home insurance– contents only for those renting, builder and content for those that own
  • Car insurance– must have by law; basic policy is third party
  • Pet insurance– it is ideal to have if you have pets (The Telegraph reports that a dog injured in a road traffic accident can cost £674 and £300 for a cat, with more serious conditions costing £4,000)
  • Holiday insurance– covers a number of things and can include breaks in the UK. More essential for European or international holidays which will cover you on cancelled flights, severe weather conditions and can aid in treatment abroad should you fall ill.

Life assurances

  • Life insurance– is for a payout when you die to loved ones. This usually covers large debts, with some mortgage companies insist you have one. A life insurance policy may also cover you in cases of serious illnesses with payouts on diagnosis.
  • Wills– are ideal to express your wishes for your finances and assets and how children will be cared for. We’ve compiled a guide to will writing that you may find helpful. There are also some common questions explored on The Will Site. Wills are only implemented in the event of your death, you may also want to consider;
  • Power of Attorney– setting up a Power of Attorney means that you’ve nominated an attorney or relative to handle your affairs (can include finances and well being) when you’re no longer able to make or communicate decisions yourself. See MoneySavingExpert.com for more information. If you do not have a power of attorney in place when you lose mental capacity, a process to act on your behalf can be lengthy and costly for your relatives. Moreover, you’re unable to nominate someone you trust to make these important decisions on your behalf.

But the above is just a taster of the policies available, the offerings under each policy will require much thought and consideration in determining what is right for you and your loved ones.

Why set up a life/serious illness insurance policy?

We all like to plan for the future whether that’s buying a house, a car or simply putting money away for a rainy day. Taking out life cover and/or serious illness cover is simply planning for the things that you don’t see coming.

What is the difference between life insurance, serious illness insurance and income protection?

These are 3 core covers. You can have 1, 2 or all 3 as part of your personal protection plan:

Life cover pays a cash lump sum to your family or other nominated person upon your death when covered. Some policies also pay a cash lump sum if you are diagnosed with a terminal illness.

Serious illness cover pays a cash lump sum if you are diagnosed with a condition that is covered. You may get a part or full payment of the policy, depending on the severity of the illness.

Income protection cover will pay a monthly income if you become ill, injured, or disabled and cannot work.

Family Protection

How much insurance is needed?

This depends on an individual’s circumstances. When pursuing an inquiry, you will be assessed based on your own individual needs; whether it be to ensure that a mortgage is paid off, or to leave a lump sum to loved ones.

I already have an insurance policy am I able to switch providers?

Off course, but it’s always worth checking with your current provider first.

Often, people find that their life cover isn’t doing what they need it to do. A policy needs to be reviewed each time your circumstances change; be that if you move house, borrow more money etc. to ensure you have the right coverage.

If I have an insurance policy in place do I still need a Will?

Yes, a will is your last wishes and can ensure that what you leave behind goes where and when you want it to. Without a will, you die intestate. This means that estranged partners may lay claim to your assets, your children may be put into care and/or you could leave loved ones in financial difficulty.

Most advisers offer free consultations as do insurance providers. It’s at least worth having a conversation with them to better understand your individual position. If you’re looking for further financial tips, check out our other Money Matters related features below.

Share with your friends or save for later...
Share on Facebook
Facebook
Pin on Pinterest
Pinterest
Tweet about this on Twitter
Twitter
Email this to someone
email
Share on Reddit
Reddit
Share on LinkedIn
Linkedin

36 Comments so far. Feel free to join this conversation.

  1. ulusbasladi.mekartech.com 18th February 2020 at 9:14 pm -

    En Çok Satan Kitaplar Türk Yazarlar En Iyi Kitaplar Listesi

  2. Clinique coeur De l'ile 24th March 2019 at 10:32 am -

    Attractive component of content. I just stumbled upon your blog and in accession capital to
    say that I get actually enjoyed account your weblog posts.
    Anyway I’ll be subscribing on your augment or even I success you get
    admission to persistently rapidly.

  3. physio balance 24th March 2019 at 7:18 am -

    I think the admin of this site is actually working hard in favor of his website, since here every
    data is quality based information.

  4. bandarq 9th July 2018 at 3:54 am -

    We absoⅼutely loѵe your blog and find moѕt of yοur post’s to be
    exaϲtly what I’m lookiing for. can you offer guest writers
    to write content available for you? I wouldn’t mind creating a post ߋr
    elaborating on some of the subjects you wrіte in relation to here.

    Again, awеsome web site! https://Agenbandarqindo188.Blogspot.com/

  5. www.my-exact.de 8th July 2018 at 8:31 am -

    Ahaa, its nice conversation regarding this paragraph here at this weblog, I have read all
    that, so now me also commenting here.

  6. Florian 7th July 2018 at 11:37 pm -

    Wissen Sie, wie Siie Ihre Website mobiledn freundlich
    zu machen?

    Ja!

  7. Www.Mjqrqy.Com 7th July 2018 at 7:32 pm -

    hallo! Ich mag Ihren Schreib sehr eine Menge! Aktie Kojmunikation extra rrund Ihre Post auf AOL?
    I erforderlich Spezialist in diesem Hauss zu entwirren mein Problem.

    Kann sein das istt Sie! Suche vor schauen Sie.

  8. GMSS mouthpiece 6th July 2018 at 2:12 pm -

    Great info. Lucky me I found your blog by chance (stumbleupon).
    I have saved as a favorite for later!

  9. essay correct 6th July 2018 at 1:03 pm -

    Each of us tries to look into the future and plan those things that are important to him at the moment, but life can bring incredibly many different surprises.

  10. 카지노관광 4th July 2018 at 1:06 pm -

    The right side with the wheel starts at
    2 and circles left again and stops with the 19. Although it works well with
    some, this doesn’t erase the fact purchasing them can be an unsound idea.
    Remember a gambler inside winning moment ‘s all they can be along with a gambler within the losing moment
    is perhaps all he should be.

  11. www.livecustomwriting.com/ 3rd July 2018 at 11:48 am -

    In order to say your impressions on this article, it is worth studying more materials in order to completely change your mind.

  12. I ordered Revived Youth eye serum and face cream.

  13. best anti wrinkle cream uk 2014 13th June 2018 at 11:53 pm -

    Begin using anti-getting older lotions at this time.

  14. Fantastic blog! Do you have any helpful hints for aspiring writers?
    I’m planning to start my own site soon but I’m a little lost
    on everything. Would you advise starting with a free platform like WordPress or go for a
    paid option? There are so many choices out there that I’m completely confused ..

    Any ideas? Kudos!

  15. togel indonesia 13th June 2018 at 4:21 am -

    Fabulous, what a blog it is! This weblog presents valuable information to us,
    keep it up.

  16. Your way of describing everything in this piece of writing is really fastidious, every one be capable of simply understand it,
    Thanks a lot.

  17. togel 12th June 2018 at 11:03 pm -

    Fantastic goods from you, man. I have have in mind your stuff prior to and you are just extremely great.
    I actually like what you have got right here, certainly like what you
    are saying and the way in which you are saying it. You make
    it enjoyable and you still take care of to stay it wise.
    I can’t wait to learn far more from you. This is actually a terrific
    website.

  18. https://cookpad.com/vn/nguoi-su-dung/12715675 10th June 2018 at 4:43 pm -

    I’m impressed, I have to admit. Rarely do I encounter a blog that’s equally educative and entertaining, and let
    me tell you, you have hit the nail on the head.
    The issue is something not enough men and women are speaking intelligently about.
    Now i’m very happy that I found this during
    my search for something regarding this.

  19. Golden Goose Deluxe Brand 4th June 2018 at 8:41 pm -

    hi!,I like your writing so much! share we communicate extra about your article on AOL?
    I need an expert on this area to unravel my problem. May be that’s you!

    Looking forward to see you.

  20. kollagen intensiv 3rd June 2018 at 5:07 am -

    I ordered Revived Youth eye serum and face cream.

  21. Angeles 2nd June 2018 at 8:54 am -

    Greetings from Colorado! I’m bored to death at work so I decided to browse your blog on my iphone during lunch
    break. I really like the knowledge you present here and can’t wait to take a look when I get home.

    I’m surprised at how fast your blog loaded on my mobile ..

    I’m not even using WIFI, just 3G .. Anyways, fantastic site!

  22. Samantha Clark 30th May 2018 at 11:10 am -

    Thank you 🙂 xx

  23. بعد از 5 ثانیه کلیک کنید 29th May 2018 at 6:29 pm -

    I got what you intend, appreciate it for putting up. Woh I am lucky
    to find this website through google.

  24. Flagship GGDB 27th May 2018 at 1:03 pm -

    Outstanding post, I think website owners should
    learn a lot from this site its very user pleasant.
    So much good info on here :D.

  25. Followus.com 25th May 2018 at 9:44 pm -

    Hello! I’ve been following your blog for a long time now and finally
    got the bravery to go ahead and give you a shout out
    from New Caney Texas! Just wanted to mention keep up the
    good work!

  26. Reps Ray Ban Aviator 23rd May 2018 at 4:40 pm -

    Hi, just wanted to say, I liked this blog post.
    It was inspiring. Keep on posting!

  27. french open live 21st May 2018 at 4:12 pm -

    It’s going to be finish of mine day, except before end I am reading this wonderful post to
    improve my know-how.

  28. jasa backlink pbn 19th May 2018 at 2:40 pm -

    I l᧐ve your blog.. very nice cоlors & theme. Ⅾіd you design thks website
    yourself or did you hіre sоmeone to do it for you?
    Plz respond as I’m ⅼoⲟking to create my own bloɡ and
    would like to knjow wherе u got thiss from. kսdos http://fryeyvwllbemui.shutterfly.com/fryeyvwllbemui

  29. custom graphic tees for men 19th May 2018 at 1:56 pm -

    Usefuⅼ info. Fօrtunate me I ⅾiscоvered your site by chance, and I’m stunned
    why this accident diԀ not came about in advance! Ӏ bookmarkеd it. http://www.newparadigmdigest.com/category/graphic-tees

  30. eircm.net 17th May 2018 at 6:54 am -

    I have been exploring for a bit for any hiցh-qualіty articles or blog posts in this kind of area .

    Exploring in Yahoo I ultimately stumbled upon this web
    site. Reading this informatіon So i’m satisfied to express thɑt I
    have aan incredibly good uncanny feeling I discoveгed exactly what I needed.

    I ssuch a lot no ɗoubt will make certain to do not forget this ѡebsite and give it a look regularly. http://eircm.net/

  31. graphic tees for women 17th May 2018 at 6:40 am -

    I һave beеn browsing onlinbe more tһan 3 hourѕ today, yet I never found ɑny interesting article like youгs.
    It’s pretty worth enough for me. Pеrsonally, iif all website owners and bloggers made good content аs you did, thе web will be a
    lot more սseful than ever before. http://graphicteeswomen.com/

  32. graphic tees for women 17th May 2018 at 5:41 am -

    I am sure this artіcle has touched all the internet vіsitors,
    its really really good paragraph on building up new blog. http://www.lambrettamotorcycles.com/2018/04/28/revolutionary-new-graphic-tees-amazon.html

  33. www.al-Yemen.Org 17th May 2018 at 5:40 am -

    Hi, І do believе this is a great website.
    I stumblеdupon it 😉 I ill come bɑck once again since i have saved as a favorite
    it. Mߋney annd freedom is the greatest wɑy to chɑnge, may you be
    rіch and continue to help others. http://www.al-yemen.org/category/graphic-tees

  34. http://hugedomains.com 3rd May 2018 at 4:50 am -

    Wеlll boys,? Mommy finally said after theyd provide
    you with a number off foolkisһ ideaѕ of what God ɗid for enjoyable, ?What God actᥙally lⅼikes is when flks love each other and hndle each other like we do
    in our family.? That made sernse to Leeе and Larry sso Lee huɡeԁ Mommy and Larry
    hugged daddy to just make Goⅾ happy.

  35. blogging systems 16th March 2015 at 10:36 am -

    When I ihitially left a comment I appear too have
    clicked the -Notify me when new comments are added- checkbox and noww every time a comment iis added I
    reciece 4 eemails with tthe exact same comment. Perhaps there is an easy
    method you are able to removee me from that service? Thank you!

Let us know what you think, leave us a comment