Protection is it really necessary?
Ask yourself this question, how many people do you know that have died, how many have been ill for six months or more, how many have suffered a critical illness? If you can say none, then you are very fortunate because sadly statistics show that there is a greater chance that it will happen than most people realise. If this is the reality then by choosing not to make provision to protect their financial future, a person is effectively gambling on their health or their life!! A death or a serious illness in a family can have many sad consequences and no amount of money can bring back a loved one. Even if a person does not work there as they are home looking after family there will still be financial consequences in the event of that person dying or suffering a serious illness.
Take a moment to work out what you pay out for your house insurance, car insurance, holiday insurance and in some cases pet insurance for a very similar amount you can protect yourself.
How Protection Policies can help
- Replace earned income.
- Repay debts.
- Meet additional living expenses (e.g. adapting a property, paying for childcare).
- Ensure existing plans can be completed.
- Provide specific medical treatment or care.
- Enable inheritance tax liabilities to be met without having to sell property.
At Blue Fish we can ensure we find an affordable package for you that could include mortgage repayment, covering childcare costs, education expenses, lump sums for hospital care and income protection in the event of long term illness.
Critical illness cover provides a lump sum in the event of diagnosis of one of a range of predetermined serious conditions or if the insured suffers a serious and permanent disability.
Permanent Health Insurance (PHI) sometimes referred to as income protection, is designed to replace the earned income if the insured suffers an illness or accident. It can also be used to offset the financial consequences of illness or accident of non workers.
Personal accident, sickness and unemployment insurance (ASU) is designed to provide a scale of benefits should the insured suffer an accident or become unemployed. In the event of claim as a result from an accident or illness, the amount paid out will depend on the severity of the effects of the illness/accident.
Mortgage payment protection insurance is also designed to provide an income in the event that a person cannot carry out their job due to illness. The amount of benefits may be linked to the level of monthly mortgage repayments, although it is sometimes possible to build in extra cover to meet some household bills.
Term Life Insurance
Pays out a lump sum in the event of death within a specified period of your choice (known as the ‘term’). There is no investment element with this form of life insurance and as such if no claim has been made there is no maturity value payable at the end of the term. If you stop paying the premiums, the policy stops and you are no longer covered. There are different types available. Level Term Assurance is a lump sum payable in the event of death. The sum remains constant during the term. Decreasing Term, the sum decreases by a fixed amount during the period of the term, decreasing to nil by the end of the insured period. Usually used for repayment mortgages. Family Income Benefit gives your loved ones a regular income which is usually paid only for the term of the policy, this means that the nearer the end of the policy that you die, the fewer years it pays out for.
At Blue Fish we do not charge a fee for insurance applications. We offer products from a range of insurers for Term Assurance, Critical Illness, Accident Sickness & Unemployment and Household insurance.