Life insurance for everyone
April 29, 2020
Many of us are experiencing the financial impact of the coronavirus pandemic and perhaps now is the time to review your life insurance and family protection arrangements.
Earlier this week the Government’s Health Secretary, Matt Hancock, announced free life cover for NHS and frontline care staff specifically to cover COVID-19 related deaths.
We celebrated the news that our brave frontline workers and their families will now get the financial support should the worst happen.
However, we also feel that it’s important to share the message that it’s not only those in harm’s way that can benefit from having life insurance cover.
We’re nearly five weeks into the current lockdown period which aims to protect us all from Covid-19 and as the current pandemic has proven, events like this know no creed, colour, wealth or health. This virus has taken the lives of the young and the old, the sick and the healthy. But the virus has touched so many more lives than just those it has taken from us.
There are those who have lost their jobs and are struggling to make ends meet for their families, those struggling on furlough or mandatory reduced hours. The benefits of the types of insurance available to the public are insurmountable when looking at the current climate of life in the UK.
It’s important to know what is available to you, and how a simple life insurance or protection policy could help with the drastic changes to our lifestyles that all of us have seen in the last few weeks.
Here’s an overview of the life insurance and protection options available to everyone.
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 an 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 Virtual hour GP appointments and physio for injuries the benefits make the policy worthwhile.
Critical Illness Cover
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 family’s 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 There are now options to ensure cover for your children on your policy. This means a payment should your child become critically ill, allowing for care expenses, time off work and the expenses of long hospital stays 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 ensure you are being treated correctly and by the best doctors in their 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 expenses are covered.
The type of individual protection that most people are familiar with. Life insurance is no longer just a pay-out upon your death. We feel everyone 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.
Whilst providers are assessing the cover available relating to coronavirus, there’s no obligation to go ahead with a new policy until terms are offered and you can review the exact details. Furthermore, any terms offered for policies taken out during the pandemic are likely to be amended to reflect full/normal cover once the current situation is over.
If you would like to discuss the cover options available for you and your family, do not hesitate to get in touch.
Take care and stay safe.
Madelaine Swift BSc Phys Hons, CeMAP
01865 953 123
Protection plans with no investment link will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.