Life Cover
Unfortunately death is going to happen to us all, so it makes sense to plan for that day. Having a simple life insurance policy can leave a cash lump sum behind to your loved ones to replace your income when you have gone and to leave a legacy behind for your children and spouse.
This could be used to pay off your mortgage for your surviving spouse or provide for your children's futures when you're no longer here e.g. for university or a deposit for their first home.
Life insurance is often cheaper than you think.
Critical Illness Cover
We all know someone who has been diagnosed as critically ill in our lifetime. The most critical illnesses are things such as heart attack, cancer and stroke. A critical illness policy would provide you with a lump sum in the event of a critical illness diagnosis covered by your policy. This could be used to pay off your mortgage or leave a lump sum in the bank to cover household bills or medical costs. You can add cover for your children too so in the event they become critically ill, you would receive a lump sum for them to help pay your bills whilst you are off work with them as they recover.
Income Protection
As of today, the Statutory sick pay in the U.K. is £116.75 per week. This is all you would receive if you were off work ill or injured if you had no employer benefits or income protection policy in place.
Could you survive off £116.75 per week if you were off work ill or injured?
A simple income protection policy can provide you with a regular income in the event you are unable to work as a result of a serious illness or injury. You can cover up to 60% of your gross annual income. The length you receive your pay out and the time in which you have to wait for it can be altered to fit your needs and fit your budget.
* https://www.gov.uk/statutory-sick-pay
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