Whether you have a mortgage, a loan or simply a young family you want to protect, some form of life assurance is essential.
Its not just a case of the cheapest quote
Reckitt House is not a price comparison service. We provide full advice. So our job is to advise you on what type of life cover you need and how much you should have. Should the policy be written in Trust or joint names? What’s the extra cost of including Critical Illness benefit?
Here are some examples of questions which should be asked:
- How much cover do you need? If its’ to cover a loan, that’s straight forward, but what about protecting your family? How much cover is enough?
- Do you need level cover (LTA), where the amount of insurance stays the same, or decreasing (DTA), where the amount that’s paid out decreases each year? The latter is cheaper, but not always appropriate.
- Should the policy be written in Trust? That can speed up any pay-out and potentially avoid inheritance tax, but is not always advisable, particularly when covering a mortgage.
- What about Critical Illness? This is where the policy pays out on diagnosis of a critical illness, such as cancer. This is a valuable benefit which is always advisable, but often very expensive. Its’ important to check each company’s critical illness definitions and pay-out record to make sure you’re comparing like for like.
- Should you include the critical illness benefit in the LTA or DTA, or should you have a stand-alone policy?
- Income Protection is a type of insurance which pays an income in the event that you can’t work due to illness or injury. But you need to decide on what level of cover you want, what age you intend to retire and what deferred period you need. All these choices will make a difference to your premium.
We can help with all this, so get in touch when you’re ready.