Ensuring you have the right level of individual protection can be challenging, but we can help you understand each type of life assurance and determine which are best suited to your needs.
When it comes to financial protection, it can be daunting. With so many forms of life assurance it can be difficult to know if you are choosing the right one that will protect your family’s financial security if you become seriously ill or should die. Life assurance can be used to protect income, loved ones and in some circumstances can be arranged in a way to help minimise the effect of tax.
Seeking financial advice from an independent financial Adviser such as CRS in Northwich can give you peace of mind that you have the right level of protection and that cost and tax implications have been considered.
Types of individual protection
Individual protection is typically in the form of insurance policies that each state the level of cover provided. There are three main types of individual protection insurance policies:
- Life insurance: which pays out a lump sum or regular tax-free income to your chosen beneficiary in the event of your death.
- Income protection: this type of cover pays a tax-free monthly income if you are unable to work due to a health condition or injury.
- Critical or serious illness cover: pays a lump sum or regular tax-free income if you are diagnosed with and survive a serious illness or if you have to undergo certain complex surgical procedures.
The level of protection for each type of insurance will vary across providers, so it is imperative that you do your research and understand what you will receive to ensure you are getting the level of protection you require. You may find that different providers cover different illnesses or that the payable sum varies.
It is always advisable to seek specialist financial advice to be sure you are making the right choice and are protecting yourself and your family against the unexpected.
Looking for individual protection advice in Cheshire?
If you would like individual protection advice, please get in touch via our enquiry form and a member of our team will be in contact to discuss your requirements and the best options for your circumstances.