We know this is not a subject many people want to think about, but life and critical illness insurance can make a huge difference to your life and those around you.
Life assurance and critical illness insurance are two different products, here is a little more about each:
What is Life Assurance?
Life Assurance pays out either a lump sum or a series of payments if you die during the term you have arranged. These payments are normally paid without the deduction of any personal income tax, and in most instances are actually tax-free.
The proceeds of a Life Assurance policy can be used:
- to pay off a debt such as a mortgage
- to provide an income for your dependents
Understanding the products that are around and the sort of financial assistance they can deliver can be reassuringly comforting. Current family circumstances or a change in job could influence how much protection you need. We can help you decide which steps to take to protect you and your family, the best products for your evolving needs, and what to prioritise.
What is Critical Illness Insurance?
If you fall critically ill, how will you support your family and pay for the additional care requirements brought about by your illness or time off work?
Considering how many lives are affected by critical illnesses such as heart disease, cancer and stroke, it is surprising that more people do not take out critical illness insurance.
The principle is straightforward – in the event of one or more of the specified illnesses being diagnosed, the insurance company will pay out a lump sum after a specified survival period. If you have been unable to work because of the illness and/or treatment, as is often the case, critical illness cover provides you with financial reassurance.
Often, this cover is combined with other types of insurance and may even provide an investment element so that, for example, a given sum will be paid out on the death of the insured.
AFP Shrewsbury is a trading style of Gary Harper (FRN 755477) who is an Appointed Representative of AFP Partnership (FRN 300003). AFP Partnership are authorised and regulated by the Financial Conduct Authority. Certain products, including Buy to Let and Commercial mortgages, are not regulated by the Financial Conduct Authority. If you would like to find our more about life and/or critical illness insurance, call now for a no obligation chat on 01743 364377 or e-mail firstname.lastname@example.org
Example 1: Male, aged 58 who had a heart stent 4 years ago. AFP Shrewsbury managed to get his life cover extended for 20 years.
Example 2: Male, aged 68, 5’6″ & 17 stone and diabetic. AFP Shrewsbury managed to get this gentleman life insurance.