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There are three main types of life cover. You can simply protect those who depend on you against your death by taking out Life Cover. You can be covered if youíre diagnosed with a serious illness like a heart condition or cancer. This is up to six times more likely to happen to you than dying before age 65.This type of insurance is called Critical Illness Cover.

You can protect against losing your income through disability, no matter how it is caused with Permanent Health Insurance (sometimes referred to as income Protection).

A recent survey conducted by the UK bank Abbey said most people believe that a policy that supports their family if they die is the most important cover they can take out. But only 54% of those surveyed actually owned such a policy. Just under a third said they could not afford life insurance, while 37% said it was the last thing on their mind.

The most common reason given for not having life insurance was that people were too busy.

Some 39% of those questioned said they thought they should take out a policy but had not got around to doing it, Meanwhile, 26% said they would rather live for the moment than worry about what would happen if they died. It is estimated that in Britain alone as many as three million families could be affected by the main household earnerís decision not to take out life insurance.

Separately, 78% of people surveyed had no critical illness cover.

The insurance policy most people were likely to have was home insurance, with 74 % saying they had cover.

Augus Porter, customer director at Abbey, said: "It is encouraging to see that family protection is considered so important, but sadly only half of us have any life cover and even less have critical illness cover." He said: "If the worst were to happen, people could potentially be leaving their families with a financial nightmare."

How often have you ticked a box when purchasing a household electrical product to extend a warranty or on-line extending from one year to three years on site service, its easy right? Well life Insurance is also, some policies do not even require a medical, some insurance can even be done on-line, why not go to the link on our site for an instant quote.

Income protection
My company provides me with expatriate healthcare insurance, but do I also need income protection? When working overseas it is extremely important that you know exactly how much income you will receive in the event of short-term and long-term sickness. You should check this with your employer. It may be that you will receive nothing at all.

Probably without any income you are not going to be able to pay the mortgage, school fees, household bills etc. You may have made some savings but how long will they last? An Income protection plan will provide a monthly income until return to work, death or the end of the plan. At outset you decide how much cover you want, the waiting period i.e. the time you need to be off work before you can claim and whether the benefit will be fixed or increasing.

Critical illness Protection
A quick guide to Critical Illness & your questions answered
Nobody likes to think that they might be struck down by a serious illness in the future. But, if this were to happen, extra financial protection could be vital. Here are some of our clients & most frequently asked questions on this topic.

Q: What is critical illness cover?
A: Insurance that pays out on the diagnosis of, usually, one of the six core specified critical conditions.

Q: What medical conditions are covered?
A: The illnesses covered vary from policy to policy but typically include cancer, heart attack / coronary bypass surgery, kidney failure, major organ transplant, multiple sclerosis and stroke.

Q: After diagnosis, how soon would a benefit be paid?
A: Generally within 14 days of a specified illness being diagnosed. However, this varies depending on the specific insurer.

Q: Are benefit payments taxable?
A: No, payments are completely tax free.

Business Protection & Key Man Insurance
Do you have a staff member that is absolutely fundamental to the running of the business? Would the sudden and unexpected loss of this staff member harm yourself and your business financially? If you thought about it you would probably find that you have one or more of these key people in your business (including yourself) and the good news is that you can insure against their loss and your business can pick up the expense!Term Life Assurance policies can be used to protect a company from a loss of key person within the organization. Both the largest companies in the country as well as small partnership and sole traders use this type of protection.

If you are a sole trader, and in the unfortunate event of your death, not only will your business assets pass to your beneficiaries as part of your estate but its debts as well. Your beneficiaries may decide to continue running the business or wind the business up and pay out its debts, either this may be extremely costly.

The proceeds of a Term Assurance policy will assist in covering costs allowing you to leave your hard earned estate to your beneficiaries and not your creditors!

If you operate your business in a partnership arrangement, in most instances a partnership will automatically dissolve in the deaths of one of the partners.

Term Assurance coverage for each of the partners will ensure that the surviving partners will receive sufficient funds to payout the estate of a partner upon death (via a Buy / Sell Agreement) without putting strain on the business cash flow and maintaining confidence in its creditors.

Alternatively, you may be the controlling shareholder and director in a company that you actively run on a day-to-day basis. Your company can put Term Assurance policies in place to cover the loss of key revenue producing employees including yourself.

In the event of your death your majority shareholding would automatically pass to your beneficiaries. However, your beneficiaries may not be willing or able to takeover your position in the business nor find someone willing to buy your shareholding for a fair price.

The proceeds of a Term Assurance policy will allow surviving shareholders to buy your shares from your estate for a fair price, maximizing the estate received by your beneficiaries.


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