LifeSearch is one of the UK’s biggest protection insurance brokers.
You may know LifeSearch as the friendly bunch who organise business protection insurance, but what about life insurance, critical illness insurance and income protection? There’s much more to them than you may think.
Our partners, LifeSearch, are excellent in providing personal protection products, that includes key person insurance, life insurance, critical illness, income protection plus many more. They can discuss your requirements and provide fee-free advice, simply call 0203 764 0074 or visit the LifeSearch website.
We’ve chosen to partner with LifeSearch to offer you independent advice on which protection products are right for you.
It’s designed to provide a financial safety net to your family when you’re no longer around. Your family can use the money however they like, but often it helps to pay off the mortgage and cover rent, household bills and living costs
Choosing the right life cover is a pretty important decision and might seem pretty daunting at first; but don’t worry – we’ll help you get it right. You probably have a lot of questions and wonder where to start, just give LifeSearch a call and they’ll take you through your options.
Unfortunately, illness can strike at any time, often unexpectedly and can sometimes leave families facing financial hardship – particularly if the main breadwinner can no longer work. In these circumstances, a critical illness policy is designed to support you and your family financially, however that looks for you; whether it be to pay off outstanding debts, like a mortgage, to cover private medical treatment, or even just to stay on top of monthly bills.
Different policies cover different illnesses – LifeSearch will help you choose what matters. Like most things in life, you get what you pay for and the cheapest isn’t always best.
Imagine you succumb to an injury in the workplace, which leaves you unable to work; being self-employed may leave you without the benefit of sick pay. Could you realistically cover your monthly bills and expenses if you’re unable to work due to any sickness or injury?
Income protection insurance can provide, usually up to 60-70% of your gross monthly salary. You’re more likely to be off work from sickness or an injury, than you are to pass away before retirement, so this is the most essential cover available – as SSP (statutory sick pay) usually won’t be enough to cover the average household’s bills.
Income protection is one of the most important types of cover, as without a regular income you could struggle to pay the monthly bills. Even if your budget is tight – LifeSearch will help you prioritise which cover is best for you. Being unable to earn is less of a worry when you know that up-to 70% of your wages are protected.
Life insurance is a financial safety net for your loved ones. Should the worst happen, a cash lump sum will be paid out directly to the beneficiaries of your choice, to relieve any financial pressures in an otherwise, very difficult time.
A policy is usually bought to cover the period (or term) that your family most need help i.e. during a mortgage term, or when your children are financially dependent on you.
With life insurance, there’s no straight forward answers. It depends on a number of things; your health, age, smoker status, the amount of cover you’re after and even your occupation and hobbies.
Read more about the average cost of life insurance here.
Life Insurance can cover various financial needs that can be covered using the different types below:
Critical illness pays out a tax-free lump sum in the unfortunate event that you are diagnosed with one of the conditions listed by the insurer. All critical illness covers can cover you for a range of specified illnesses and will pay out in the event of those illnesses being of a certain severity. These conditions include – cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. The list doesn’t stop there though, as plans can cover many more conditions, along with cover tailored to your kids.
Read more about what is covered by critical illness insurance here
Critical Illness is a policy that will pay out a tax-free lump sum in the event of diagnosis of a specific condition and a specific severity. The focus here is on the illness. Income Protection is based on the inability to carry-out your daily work duties due to any illness or due to an accident. In the event of a claim, Income Protection would pay out a tax-free sum each month to help pay your bills.
Income protection insurance can provide an income if you’re unable to work through sickness or injury – covering your essential outgoings.
Income protection covers you for most illnesses that leave you unable to work: stress-related illnesses, back conditions, broken bones or something more serious. The focus is on not being able to work, as opposed to the illness or injury you’ve sustained.
Read more about how income protection insurance works here
With income protection, there’s no “one size fits all”. Monthly premiums depend on a number of things; your health, age, smoker status, the amount of cover you’re after and even your occupation and hobbies i.e. if you work at the top of a crane, your premiums will be more than those of an office worker, as the risk factor is higher. Therefore it’s vital that you speak to a professional advisor, as insurers can calculate risk differently.