None of us like to think about dying or becoming so ill or injured that we can no longer work and provide for ourselves or our families, but just for a moment consider what would happen financially if the worst was to happen. And, unfortunately the worst does happen every day. We’ve all driven past car crashes or know of people who have received a critical illness diagnosis.
It is prudent to think about financial protection products such as Critical Illness Insurance, Life Assurance and Life Insurance, and you can talk to one of our local financial advisers based at our office which is located near to Sutton Coldfield, Lichfield and Tamworth to find out more. We’ve helped many people, and you can ask your Adviser for a copy of the case study we have that explains how we helped a client who suffered a serious illness and literally in a matter of minutes went from being able to work, to not being able to work.
There are all kinds of ways to ensure that the right kind of financial protection is in place for you or your dependents, and not all of these will mean taking out an insurance policy, that’s why it is important to get local financial advice from Four Oaks Financial Services. One of our Advisers will talk to you about your individual financial circumstances and your future plans and be able to make suggestions that will give your loved ones protection – and you peace of mind.
We provide advice on life assurance policies, life insurance policies, critical illness policies and other financial protection products. All of our Advisers are qualified and our clients also have access to a Chartered Financial Planner and Fellow of the Personal Finance Society.
For a no-obligation conversation with one of our financial advisers get in touch and we can arrange a meeting at our offices at Shenstone Wood End which is within easy reach of Sutton Coldfield, Lichfield and Tamworth or at your home.
Life assurance or life insurance – What’s the difference?
Life assurance at its simplest will provide protection for those who will benefit from the policy, such as members of your family, if the policy holder dies. If you don’t die within the term of the policy, the policy merely lapses. There is no pay out of any sort.
How it works is that in exchange for paying a premium, the life insurance company will agree to pay a certain sum if the insured dies before a certain date, known as the term of the policy. Life assurance policies are generally the cheaper option of protection policies however this will depend on the circumstances. They perform the useful function of providing financial protection for your loved ones. The same principle of protection applies to a number of other types of insurance whether the benefit is, for example, to provide specific financial help to the deceased’s family, or to repay a mortgage.
Life assurance is more flexible than you may think. There are so many different varieties of insurance linked to the life of the policyholder and so many life assurance companies with similar offerings that expert advice is invaluable.
Please contact us and one of our Advisors will be happy to talk to you.
Life Insurance policies pay out a lump sum if you were to die or if you are diagnosed with a critical illness. An additional policy can be added, which will pay out a monthly benefit should you be unable to work through accident or sickness.
Critical Illness Insurance
We are all living longer and that’s great, but this also increases our risk of becoming ill, and perhaps so ill that you are unable to work. A critical illness policy pays out a tax free lump sum if you are diagnosed with a serious illness including some types of cancer, multiple sclerosis, stroke or heart attack. There is no restriction on what you can use the payment for, which could be to convert your home, pay off your mortgage, take time off work for your own treatment or go part-time.
It is important to remember that Critical Illness Insurance covers more illnesses and conditions than ever before but only the conditions laid out in the policy will be covered. No others. And, your illness has to meet the definitions detailed by your insurer. This is why we recommend that you talk to a financial adviser so we can make sure you are fully aware of the different kinds of cover available and what implications this has for you in your individual circumstances.
There is a wide range of options to choose from and you can cover just yourself, jointly cover you and your partner and you can cover your children up to age 21.
Critical illness insurance is typically added to your life insurance. An expert financial adviser from Four Oaks will help you decide what kind of policy or combination of policies would be most beneficial to you and your family and how much cover you need.
In the event of your death, it may not just be a mortgage you want to have paid you may want to leave your loved ones enough money to cover the income you would have earned or pay for University fees and so on.
Life insurance policies and critical illness policies have a few extra features which can also be beneficial for you. It is very important that you take expert advice when arranging a policy of this type so you can be assured you will have the level and type of cover which best suits your needs.
Get in touch and we can arrange a meeting with one of our financial advisers.