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Category: Life Insurance

  1. When should I review my Life Insurance?

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    I hear alot of people say 'oh yes I have Life Insurance already' but do you know if it is right for you right now? Life never stays the same.

    So here is a list of reasons to review your insurances:
    • A house move - have you borrowed more?
    • When you borrow more on your house
    • A new job - has your pay gone up? Has your job typed changed?
    • An increase in outgoings - did you take the maximum income protection out available to you or was it less?
    • A new baby or child that is dependent on you - you can also have critical illness for them if you haven't got it already.
    • Children moving out and no longer financially dependent
    • An increase in surplus income - perhaps you have a better budget for your insurance needs now

    These are just some of the reasons. As our lives change its important that our insurances reflect what we really need.

    My husband and I recently reviewed and updated ours following a house move. We kept elements of our cover and simply topped some of them up.
     

  2. Life Insurance - Providing a Monthly Income

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    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.

     

  3. Income Protection - What is it?

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    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

  4. Things that you can do during this time of the Covid-19

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    I wanted to write this blog post as we are all in the same boat right now. Some of us are employed and working from home whilst attempting to be 'Teacher'. Some of us are Furloughed and now have lots of time at home to do things that we don't normally have time for or being Mummy/Daddy/Teacher. Some of us are Self-Employed and are working around being Mummy/Daddy whilst trying to keep a business afloat.

    Last week was the first week for most people where panic might have set in and all routines went out of the window. This week people are starting to get into some sort of routine and see the wood for the trees.

    Regardless of the time you have right now it is really important to take care of you, take care of your mental and physical state. Find the time to enjoy your hobbies, do some exercise, de-clutter your home as these will all help you. Playing with your children can also help you to unwind and free up some mental space.

    I have found that often I feel guilty when I am with my daughter if I have some work to do and other times I feel guilty for working when I want to be with my daughter. Now I have put a structure in place, ensuring that my day is filled with a morning and afternoon activity for my daughter, whether that is with me or her daddy. I then know that she is content and I can find the time to work.

    This time has also meant alot have taken mortgage holidays and looked at their finances. Here are some things you might also want to review:

    • Your Life Insurance - does it suit your current mortgage and lifestyle?
    • Your Income Protection - does the 'waiting' period and benefit amount fit with your current work?
    • Your Home Insurance - when is it due for renewal?
    • Your Gas and Electric - are you on a fixed rate deal? When does it end? Could you save some money?
    • Can you review your heating and water programmer now that it is getting warmer?
    • Can you turn your water temperature down?
    • Are you on a fixed rate for your mortgage? When is it due? 
    • Do you have credit cards that you are paying interest on? Can you do anything with them?
    • Have you got any Wills in place?

    Now is an ideal time to review your finances and I am sure there are more ways than the above. I can help you with:

    • Life Insurance
    • Critical Illness Cover
    • Income Protection
    • Home Insurance
    • Business Insurance - Keyperson cover, Shareholder protection, Loan protection

    I can also refer you for Mortgages, pensions, investments and other financial advice.

    Enjoy de-cluttering, getting organised, taking care of yourself and having fun. 

    Please take care.