Protection is one of those things that many of us intend to arrange yet never get round to. But you can't always rely on being there for those who depend on you.
Have you considered how your loved ones would cope financially if you died suddenly? Or how you would pay the mortgage and other household bills if you had an illness or accident that meant you could not work? In such circumstances, would you be able to maintain your current lifestyle?
There are three main types of protection: life cover, critical illness and income protection. Life cover pays out a lump sum if you die before your mortgage is paid off. Critical illness pays out a one-off lump sum if you are diagnosed with a qualifying critical illness covered during the term of the policy. And income protection pays out a regular monthly income if you are unable to work due to illness or accidental injury.
Many people already have some cover in place, but the policy may have been taken out some years ago. Much has changed since then and you may no longer have the most competitvely-priced policy or even enough cover if you have taken on a bigger mortgage or had more children, for example.
It is worth checking whether you are still adequately covered. At Savills Private Finance (SPF), we can review your existing cover, identifying any potential shortfall. Because we are independent, we can check with a number of insurance providers to ensure that your existing cover is competitive.
To check whether you have sufficient cover in place, contact SPF on 0870 900 7762.