I am sure you have heard of Life Insurance many times but did you know that instead of paying out a lump sum it can pay a monthly income instead?

Family Income Benefit is Life Insurance (can also be critical illness cover) but it pays out a monthly income if you pass away during the term.

What are the benefits?

There are actually many benefits to this type of insurance, it:

• is a great affordable option
• it allows peace of mind that the money can be used more effectively and has an end date so that it is managed better
• you can choose how much you would like the monthly income to be and the term

What can it be used for?

• To replace a lost income into the household to support a spouse/partner
• To provide an income for Legal Guardians to take care of your child/children
• To replace a Child Maintenance payment
• To provide a long term income that can be managed effectively

I feel that Family Income Benefit is a great product to add to any existing cover you have and if you don't have any cover it is a great place to start.

Some of my clients opt for £500 a month and others £1000 to replace their income and continue supporting their family financially if they were no longer there.

Many clients choose to have a term that fits with when their youngest child is 18 for example, some choose 21 and 23, it is upto you.

I can help you work out how much cover would be suitable and help you to gain peace of mind. 

You can contact me for a review and I do not charge a fee for my advice. Call or e-mail me or alternatively you can make an appointment easily here.

Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

I speak to many people about the importance of having a Will but a common question, especially amongst younger people is 'Why do I need a Will?'

Alot of people think that a Will is something you write when you are 'older' however the truth is that it makes sense to have one when you become an adult.

What happens if you don't have a Will?

Without a Will you are considered to have passed away intestate. In this instance the Rules of Intestacy apply and your estate is passed by this. If you are married it passes to your spouse however if you are in a relationship but not married, have children or share your lives together everything will either pass to your parents or children if you have any. This can cause many issues as you can probably imagine.

In addition to this someone in your family would have to apply for a Grant of Probate to be able to deal with your estate. There can be a high cost to this and probably an unexpected one. The cost of a Will is much less than this so it makes sense to make one to avoid future stress for your loved ones.

The benefits of having a Will:

• You can appoint your Executor/s to manage your estate for you when you pass
• You can appoint Trustees, atleast one of them is usually an Executor too, they will ensure that your wishes are met including taking care of savings etc for children.
• You can appoint your Legal Guardians who are those people you choose for your children to live with if you passed away whilst your children are under 18. Without this the decision is taken by the Local Authority and often children are placed into care atleast temporarily.
• You can appoint your beneficiaries, these are the ones you wish to benefit from your estate. You may also wish to exclude particular family members (this may sounds strange but often a breakdown in relationships can mean you wouldn't want them to benefit.
• You can make specific gifts, this might include jewellery, family heirlooms etc.
• You can make some basic wishes for your burial and funeral.

So there are many benefits to making a Will and consequences for not having a Will.

If you have any questions and would like to discuss Wills or any other estate planning concerns please don't hesitate to contact us.

Most people will have seen Life Insurance advertised on the TV, on Social Media and on comparison sites but perhaps haven't heard about Income Protection.

Over the past 4.5 years I have worked with many clients who previously had Life Insurance and Critical Illness Cover but sadly without Income Protection.

What is it and why is it so important?

Instead of providing a lump sum on diagnosis of a critical illness like Cancer or Heart Attack, Income Protection pays out a monthly income if you are ill or injured.

If you have an accident and suffer an injury such as a broken leg that prevents you from doing your job or if you are diagnosed with a more serious illness you can continue receiving an income.

You can receive upto 70% of your income tax free.

What about Employers Sick Pay and Stautory Sick Pay?

If you know that your employer will pay you I can factor this in to your cover. For example, if your employer will pay you in full for 3 months I can ensure that your policy would start paying after this time if you are still unable to work. 

If your employer doesn't provide sick pay or perhaps only for a short time you can claim Statutory Sick Pay for upto 28 weeks. The current rate is £109.40 per week.

For most people this simply isn't enough which is why most, if not all of my clients take out Income Protection.

Self-employed? No problem, I can help you determine what you need and provide cover that is suitable for you.

There are many options to suit all situations and budget, in my opinion, it is something you should take advice on.

Get peace of mind, knowing that if you are ill or injured you can still receive an income and contnue paying your bills to take care of you and your family.

- Leanne