This is one of the most important areas of advice.
The effects of death on personal and business life are tragic and devastating. Life and critical illness can never replace the health and wellbeing of someone or replace them but it will protect a family and a business and ensure financial security when it is most needed and give the surviving partners time to assess what is best for them or a business.
It is our view that if you have a debt whether at home or in a business then you should have cover.
Everyone should have some critical illness cover. The effects of ill health on a business usually has a massive impact on earning ability. The default position of the majority of people seems to be "it will never happen to me" yet everyone knows families and businesses that have experienced unexpected deaths or serious illness.
As individuals and business we assess the risks we want to take and the risks we don’t.
Questions to ask about protection plans are
- What would happen if a death or illness occurs?
- How would a death or illness affect my family?
- How would a death or illness affect my business, would my fellow directors want to continue to support the business?
Rather than take life for granted is it not better to get some advice on life and critical illness cover and and find out the suitability and cost.
Other use of protection cover is for income replacement, health insurance to pay for surgery fees and consultations, and inheritance tax planning.
For more information on this important area of advice and to gain peace of mind get in touch.