Are you Underinsured?

It is somewhat hard-wired into human nature to avoid thinking about worst case scenarios, especially around the sensitive areas of health and death. Whilst most of us will pay for some type of insurance, the simple fact is that most people are either uninsured or underinsured for their most valuable assets: their health and life.

For example:

• If you were seriously ill and unable to work for a prolonged period how would you make your rental or mortgage repayments

• How would you pay for food and other essential bills

• If you were to die what would be the financial impact to your family

  • In most cases it is significant. Even if a spouse does not work, perhaps they are a stay at home parents. So how would you be able to carry on working, pay the bills and fund extra help needed with children? And perhaps you’d like to pay for school fees if this was this case

You may have some cover through work such as death in service and sick pay, but that is not normally sufficient, and the self employed do not have these luxuries.

Some areas to consider covering:

• Your income from ill health

• Lump sums from ill health

• Your life

• Mortgages

• Other debts

• Family protection

It is well worth planning and looking into options, and the younger and healthier you are the cheaper it will be. Plans can be very inexpensive, but they provide invaluable cover in a time of stress and need. That being said older people can also find cover.

It is also important to consider placing policies in Trust. There are different trusts available for different policies.

We can build you a comprehensive package based on your needs and wants and review existing plans to see if they are sufficient or suitable.