Ipswich Financial Adviser

Posts Tagged ‘life cover’

If you have or are considering taking out life cover with a partner or spouse as a joint policy, you may want to check out the option of having separate policies for the same level of cover you require.

The premiums for two separate policies are usually very similar to a joint policy and you are getting DOUBLE the amount of cover. With a joint policy when one of the policy holders dies, the policy pays out and their is no further cover available.

If you have two separate policies the survivor still has life cover available to cover any remaining dependants. Take a look at your joint life policies and you could double your cover at very little expense, well worth looking at.

Please contact us at Thompson Financial Consulting and we will be happy to help and give you the advice you need.

If you are going through changes in your life, for example, having a baby,  getting married, moving home or getting divorced, as some examples, then many existing life cover policies can be increased without any further medical underwriting. This is very useful as you don’t have to worry about any health issues that might affect the cost of your cover.

With any changes you might be going through, it could be an ideal time to review your life cover and other protection needs to make sure you don’t have too much or too little cover.

Your existing policies may already have this automatic increase option available. Always check this out before getting any new cover, as it may be a more cost effect option for you. There are certain limits to the amount of increases allowed by the life insurers, however, most of the time these limits are quite sufficient for you.

I you are unsure as to what cover or how much cover you should have, then please feel free to contact us at Thompson Financial Consulting and we will be happy to help you with the advice you need.

This could be a change of job, getting married, having children, moving home, getting divorced, retiring etc; there are many life changing events that happen to us throughout our lives.

At these various stages are you reviewing your protection policies? Often when the above events occur your protection needs change, how do you know you have the right cover for the money you are spending?

It is a very good idea to review you life cover, critical illness and income protection needs to ensure you still have the right level of cover. You may need more or less cover, but you want to ensure the money you spend is on the right level of protection for you. You do not want to waste money on policies that no longer do what you originally took them out for.

For a free review of your protection policies please contact Thompson Financial Consulting. We will be happy to help.

Life cover can be a very useful protection policy should the worst happen. It would ensure a debt is repaid or there is money available for your dependants.

What you may not be aware of is that life cover can be set up not only to pay out a lump sum but can be set up to pay out a regular amount each month. The lump sum payment is useful to pay off debts in one go, however, the regular income payment can be very useful to financial dependants as it gives them a known income each month. This may be preferable to a lump sum as people often don’t know what to do with such a large sum of money. If they receive a regular known income, this can be a more certain way of knowing your dependants are well looked after should the worst happen.

As always, it is a great idea to seek professional help when organising your protection needs to ensure you get the right cover for you and your family.

If you want any help or advice with regards to your protection please contact Thompson Financial Consulting

None of us know what is round the next corner and so protecting ourselves financially in case “the worst should happen” is always a sensible thing to do.

But how much cover do you really need? I often see clients with either too little or too much cover and rarely see people who have the right amount of cover for their circumstances. People often have policies that aren’t even right for them and would not pay out when you think they would.

It all points to getting  professional advice to make sure you have the right cover at the right amounts. You’ll ensure you get the peace of mind you deserve, at the right cost.

If you require any help or advice please contact myself at Thompson Financial Consulting.