FOCUS on Protection
May 16, 2019
We are delighted to announce that FOCUS has launched its new individual protection offering with the aim to redefine the culture around life insurance.
Times are shifting and attitudes towards the need for individual protection are changing. It is likely that the only time that you have discussed your own life insurance arrangements is when discussing your mortgage. However, people are recognising that this is no longer the only time that protection matters.
FOCUS has a long-standing reputation for providing a personalised service to our clients and we have now launched a truly bespoke individual protection offering with the intention to ensure our clients' lifestyle – not just their mortgage – is fully protected should the worst happen.
We believe that it’s not enough just to ensure that your mortgage is paid off in the event of your death. The cost of living has increased considerably over the last few years. Repaying the mortgage after a loved one has died no longer guarantees a financially secure future for the family left behind.
Taking the lead is our newly appointed Protection Adviser - Madelaine Swift. We want to make sure our clients have protection solutions in place to meet their needs beyond any mortgage, and, moreover, have a true understanding of their own risks and needs in the event of something happening. With protection providers now offering more and more benefits included in their policies, now is the time to review your existing arrangements.
How FOCUS can help - an overview protection solutions to suit your needs.
Income Protection (Permanent Health Insurance)
With survival rates ever increasing in the UK for what used to be the most serious of illnesses, a simple life insurance policy may no longer be appropriate for the average person looking to ensure that their family is taken care of.
It is likely, however, that through sickness, accident or injury the average person will be unable to work for two months or more. With the likelihood being as high 33% - which increases to 45% for smokers.
Income protection ensures that you and your family remain financially stable through a period of lesser income, whether to top up an existing sick pay policy provided by your employer, or as a stand-alone policy for those solely relying on state benefits. Income Protection can mean the difference between paying the bills, and not.
With the added extras available such as physiotherapy, additional payments to help you return to work, access to counselling and access to 24 hour GP services and physio for injuries the benefits make the policy worthwhile.
Family Income Benefit Insurance
Most people cite wanting to care for their family in the event of their death as the reason for exploring insurance options. Yet Family Income Benefit insurance is one of the most underutilised products on the market with most people opting for a standard life insurance policy to cover their mortgage. This rarely considers the obvious and unavoidable impact that the death of a spouse, parent or loved one has on the family as a whole - especially their finances.
Time off work, the extra costs of saying goodbye to a loved one, funerals and just the sheer admin of dealing with a death are just the immediate after effects. The cost of living - regardless if the mortgage has been paid off by a life policy - will always continue and in all probability, increase.
Family Income Benefit insurance ensures that the family can maintain their lifestyle in the event of a death, by paying an income every month for a set period, be it until the mortgage term is complete, or until children have finished university. Taken out in conjunction with a life insurance policy this can make sure that not only can the family can afford to stay in their home, but also maintain their lifestyle and continue with their lives.
A Family Income Benefit policy is the ideal solution to the financial impact of the loss of a life on the family left behind.
Critical Illness Insurance
To ensure your family have the funds they need should you suffer a serious illness or become incapacitated through illness – this ensures that you have the funds to pay for medical care, replace an income should you be unable to work and maintain your families lifestyle in the event of a period of illness that may not take your life.
But this is no longer ‘it’ when it comes in Critical Illness Insurance. There are now options to include cover for your children on your policy. This means that should your child become critically ill, a payment is made out which can help with care costs, time off of work and the expenses of long hospital stays, thus greatly reducing the financial burden of a sick child. These policies often include a small sum assured for the death of a child that will cover them through higher education until they are eligible for their own policy.
Providers are now adding in access to a second medical opinion services and sometimes even global treatment to give you the peace of mind that you are being treated correctly and by the best doctors in the particular field. They are also giving access to specialist treatment nurses to provide in-home care for you and your family. This means you can solely focus on getting better, knowing your financial security is protected.
This is the most common and known about type of individual protection. Life insurance is no longer just a pay-out upon your death. We feel our customers should have access not just to funds, but to the care and help that the remaining family may need when going through such a difficult time. This can take the form of specialist bereavement counselling for your family, a dedicated nurse to help within the home to help cope with the loss of a member of family, or the correct trust in place to ensure a pay out goes exactly where it needs to.
Regardless of your personal situation, Focus are committed to finding a tailored solution to fit your needs.
We would welcome a conversation with anyone looking to review their financial protection arrangements. We are also keen to speak to businesses and organisations to offer protection workshops to their employees and members.
To find out more - contact us.