An effective financial plan needs to include provision for unexpected events such as death or critical illness. Life & Critical Illness Insurance can help provide certainty for your dependents if the worst should happen. Our advisers can help you find suitable cover as part of a wider review of your financial circumstances.
How does Life & Critical Illness Cover benefit you and your dependents?
If you have dependents who rely on your income, Life Insurance can help ensure that they could manage financially if you should die or be diagnosed with a critical illness. Life & Critical Illness Cover is typically arranged for a fixed term, say 25 years. This enables you to arrange it for the times when you’re most vulnerable financially, such as during the term of your mortgage.
What do you need to consider for Life & Critical Illness Cover?
Life & Critical Illness Insurance is a very straightforward product – the only matter that requires a lot of attention is the sum insured. This will determine how much is paid out in the event of your death or a critical illness. Many people buy enough cover to pay off their mortgage, but it’s important to remember that your dependents may incur a wide range of costs. Here are just a few of the main ones:
Loss of income – whilst a lump sum may help pay off large debts such as your mortgage, your dependents might still have large outgoings and need to secure a certain level of income
Outstanding debts – You should consider large outstanding debts, such as your mortgage, car finance or large loans
Childcare costs – If your partner needed to work, they may incur additional costs for childcare
Education fees – You may need to make specific provision in the future for school or university fees for your children
How can JM Glendinning help you?
We can help you arrange Life & Critical Illness Insurance cover as part of a wider financial plan. Our experienced, impartial advisers will help you build a detailed plan to meet your financial goals.