Income Protection & Life Insurance
Whether you’re a courier or a tradesmen, chances are you’re self employed. With the freedom that this brings, it also comes at a huge financial burden. If you can’t work due to injury or ill-health, who is going to pay your bills?
Being self-employed also means you’re probably not able to save as much of an emergency fund as you would like. Finanical protection supports you when you’re not able to work due to injury, illness or in the event of your death. Here is how it works…
Income Protection
Income Protection gives you a percentage of your income if you’re unable to work due to injury or illness. When you arrange the policy, you will need to consider;
- How much money do you need a month to pay your bills? – You’ll want your monthly benefit to cover this.
- How long you could afford to wait before making a claim? – This is known as your deferred period. The longer this timeframe is, the lower your premium will be.
- What existing conditions do you have? – You’ll need to check whether these would be covered before you buy your policy.
- Do you want cover for your own occupation? – An “any occupation” policy will pay until you’re able to return to any job, not necessarily the one you’re experienced and trained to do.
Our sister company, Lloyd & Whyte Financial Services, are qualified financial planners and can help you make a decision about your financial protection.
Life Insurance
Life insurance provides an agreed lump sum to your loved ones when you die. It is commonly used to pay off an outstanding mortgage and is frequently bought with Critical Illness Cover.
Life Insurance is a cost effective way of providing financial support to those you leave behind. If you’re considering getting a quote you’ll need to know the following;
- How much do you have left on your mortgage? – If this is what you would like your life insurance policy to pay for, you’ll need to know how much is left to pay off and how long your mortgage term is.
- The type of cover you want – you can choose from decreasing life cover (which reduces the lump sum each year in line with your mortgage repayments), level term (does what it says, stays level through the whole policy), or whole life cover(only type of policy that guarantees a pay out as you cannot outlive the term of the policy)
- Do you want to include Critical Illness Cover? – This will increase your premium but will pay out a lump sum upon your diagnosis of a pre-agreed set of critical illnesses such as Cancer or Heart disease. This is a personal choice and may depend on your own and your family’s health history.
- Do you want a joint policy? – You may decide you want to include your spouse on your life insurance.
- Do you want Total and Permanent Disability? This extension provides cover if you were to lose a limb, an eye or a digit for example. Insurers will consider claims in this instance dependent upon the type of occupation cover you have. You may need specialist advice to find a policy to cover this if you have are considered to have a hazardous occupation.
Our sister company, Lloyd & Whyte Financial Services, are qualified financial planners and can help you make a decision about your financial protection.
By clicking the link above you will be taken to Lloyd & Whyte’s website. All applications or queries will be handled by Lloyd & Whyte (Financial Services) Ltd, who are authorised and regulated by the Financial Conduct Authority. Registered in England No. 02092560. Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA.
