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Most people insure their prized possessions against loss or damage, and car insurance is required by law. Yet when it comes to insuring their standard of living or protecting the future of their family, many people don't. The National Lottery is Britain' s favourite pastime. It's been claimed that most adults would rather spend £1 a week on the Lottery than on life assurance - yet a 30-year-old non-smoking man has a one in seven chance of dying before he reaches age 60 - that's over eight times more likely than winning £10 on the lottery.
It is very important that if anyone, such as your spouse or children are financially dependent on you and your ability to earn an income, that you have some insurance that will provide for them if you should die or be diagnosed as having a specified serious illness.
Life insurance provides financial protection for your dependants if you were to die, and critical illness cover provides financial protection for you and your family if you were to be diagnosed as having one of a specified list of serious illnesses such as heart attack, stroke or cancer. Critical illness policies pay out following diagnosis and can remove financial worry to enable you to concentrate on fighting your illness. Protection policies come in many shapes and sizes designed for protecting mortgages and businesses as well as the family. It is important you pick the plan most suitable for you and your needs. As Independent Financial Advisers we have access to all providers in the market place and can tailor advice to suit your specific requirements. We can also make sure that the rate you pay for your protection is value for money by seeking out the best rate for your particular circumstances and requirements.
We save many clients money by reviewing their existing insurance polices. Why not ask us for a review?
Life insurance should be the foundation stone of every family's financial planning.
Life insurance helps families continue to pay the bills if one partner dies. Most families would have their mortgage paid off if one partner died, from the life assurance normally arranged through the mortgage adviser. However, without additional cover the survivor and children could struggle to survive and to pay all the other bills.
Advances in medical know-how are making it possible for people to survive and even enjoy life after suffering a serious health setback such as a heart attack or stroke. If you survive, but are not well enough to work, you will still have the mortgage and the bills to pay. In fact, it's likely that your living costs could increase, particularly if you need some sort of nursing care, or have to adapt your home, etc.
Critical illness cover helps people cope with the financial consequences of a certain range of illnesses and conditions. A critical illness plan is an insurance policy that pays out a lump sum in the event that you suffer a specified critical illness such as cancer, heart attack, multiple sclerosis, or a stroke. Each policy will specify exactly the range of illnesses it covers.
Consider these facts:
In a typical year:
28,000 people undergo Coronary Artery Bypass operations
25,000 people undergo angioplasty operations
1,800 kidney transplants are carried out (and they are the lucky ones)
(Data source - UK Transplant Support Service Authority/British Heat Foundation.)
85,000 people are suffering from Multiple Sclerosis
(Data source - The MS Society)
300,000 people live with the disabilities caused by a stoke
(Data source The Stroke Association)
Someone has a heart attack every two minutes
(Data source British Heart Foundation)
30-40,000 people live with spinal cord injuries
(Data source - Spinal Injury Association)
It's a pretty scary thought, but for every one person of working age who dies each year, another eighteen will be off work due to long-term sickness or disability (Social Security 1996).
An income protection plan will provide a regular income if you stop working through illness or injury, and within certain limits you can choose how much income you want to receive to make sure you can still afford to maintain your lifestyle, pay your bills, etc. Payments will start after an initial waiting period that you choose. They should be tax-free and will carry on until you are fit to start work again, or until the end of the term you have chosen or age 65.
The aim of the plan is simply to give you financial protection and peace of mind.
John K. Miln & Company is the trading name of John K. Miln & Co. Ltd. (JKML) registered in England Number 3350120. JKML is a wholly owned subsidiary of Midas Capital Plc (formerly iimia MitonOptimal Plc) (registered in England Number 05160210). www.iimia.co.uk Both companies have their registered office at 23 Cathedral Yard, Exeter, EX1 1EH. JKML is authorised and regulated by the Financial Services Authority (FSA) under firm reference number 126152. This can be checked via the FSA website (click here www.fsa.gov.uk/register).
This website is for UK investors only.