Protect Your Family

Your ability to earn an income is the most valuable financial asset that you have. Your income repays your mortgage, pays your bills and supports your family and lifestyle.

What would happen to your family finances and quality of life if this income were lost?

There are several ways you can help to ensure your family’s finances are secure – no matter what happens:

  1. Life Cover. Life cover will pay a lump sum to help clear your mortgage and other debts, or it can also provide a lump sum that can be invested and used to help support your family, replacing the income that has been effectively lost from your early death.
  2. Critical Illness Cover. This pays out if you are diagnosed with a diagnosed with a specific serious illness (such as stroke, heart attack, certain types and stages of cancer, and other serious conditions). It is a little more costly than life cover but probably more important as the impact of a serious illness can often be more severe than early death.
  3. Life/Critical Illness Cover. Policies often combine life and critical illness. You can have options such as paying out only once, or you can have the policy pay out for critical illness, and then life insurance still continues on the policy.
  4. Family Income Benefit. This is a life and/or critical illness policy but instead of paying out a lump sum, an income is paid out for a set period of time. It can be useful when trying to keep insurance costs down, but still have sufficient cover.
  5. Income Protection Cover – This is the main one for directly protecting your earnings. If you suffer from a long-term illness that prevents you from using your skills to earn a living, this policy will help replace a good part of your lost income and allow you to continue with your life until you are healthy enough to return to work, or until you retire.

These are the main policies for protecting lost earnings that could arise from a variety of situations. They will help ensure that your family is financially protected from any loss of potential earnings.

There are many types of policies available from separate providers, all with different terms and features. You are also likely to have some protection via your existing employment, or you may already have some policies in place.

I can help provide independent advice on these matters and help create your personal protection plan.

Your personal protection plan is a personal and comprehensive advice process which includes the following benefits:

 

  1. A personal discussion of your needs and priorities.
  2. Appraisal of your financial position.
  3. Review of your existing employment benefits and protection policies in place.
  4. Independent research to select the most appropriate type and amount of cover, with the right provider and for the right price.
  5. Presentation of your options in written format.
  6. Discussion to help you understand your protection policies in full.
  7. Assistance with the application and underwriting process.

The purpose of Small Acorn Money is for financial education and information. Your personal protection plan is a professional and personal service provided by myself, Mark Underdown, acting as a regulated and Independent Financial Adviser with Paragon Independent Financial Advisers.

Paragon Independent Financial Advisers is a trading style of Paragon Independent Limited. Paragon Independent Limited is authorised and regulated by the Financial Conduct Authority (FCA) and entered on the FCA register under reference number 440589.

Get in touch with me today for a personal review.

Email: mark@smallacornmoney.com

Call: 07901 578 462

Or complete the enquiry form below.

Mark Underdown | DipPFS CeMap

Independent Financial Adviser, Paragon Independent Limited

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