I don’t know about you but although I’m nearly 40, I’m still wondering when I will need to start adulting. You know, making sure you have a pension, life insurance, all that important stuff you put off for too long. But do we really need these things?
I must admit I am a bit of an insurance fan. Ever since that one time, many moons ago, when we really needed it.
But until recently I haven’t been clear on the differences between critical illness insurance vs. a bog standard life insurance. Then, a few months ago I came across a really helpful independent insurance broker, Trish from InSure2bsure, who has kindly explained everything.
She’s been wonderful to deal with. She’s worked in the industry for 37 years selling life insurance, critical illness, income protection and PMI. Really super-helpful, everything is done over the phone from her office, not from a busy call centre and she can provide quotes from all the best insurers in the UK. She really knows her onions when it comes to insurance, especially health and work related insurances.
If you miss the more traditional approach and are after excellent customer service and consistency – the benefit of dealing with the same person throughout – then Trish is your gal! Here she explains why different health related insurances might be helpful for you.
Q: What is life insurance?
A: Life insurance can pay your dependents money as a lump sum or as regular payments if you die.
It’s designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.
The amount of money paid out depends on the level of cover you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.
Q: Do you need life insurance?
A: It depends. If you have:
- dependants, e.g. school age children
- a partner who relies on your income, or
- a family living in a house with a mortgage that you pay – a life insurance policy can provide for them if you die.
You might also want a policy which covers your funeral expenses.
You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect.
If you want to provide for your family financially if you die, think about getting life insurance.
Q: What is critical illness cover?
A: Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy.
But be aware that not all conditions are covered and policy will also state how serious the condition must be.
Don’t confuse critical illness cover with life insurance, although they are sometimes sold together.
Every year, 1m workers in the UK unexpectedly find themselves unable to work because of injury or illness, according to the ABI (2015).
Examples of critical illnesses that might be covered include:
- heart attack
- certain types and stages of cancer
- conditions such as multiple sclerosis.
Most policies will also consider permanent disabilities as a result of injury or illness.
It only pays out once and then the policy ends. Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.
Q: Do you need critical illness cover?
A: State benefits might not be enough to replace your income if something goes wrong and you can’t work because of long-term sickness or disability.
If you’re eligible, Employment and Support Allowance ranges from around £70 to just over £100 a week, depending on your circumstances and the seriousness of your illness or disability.
You should look at getting critical illness cover if:
- you don’t have enough savings to tide you over if you become seriously ill or disabled
- you don’t have an employee benefits package to cover a longer time off work due to sickness.
Q: What is Private Medical Insurance?
A: Private Medical Insurance (PMI) in the UK provides access to high-quality private medical facilities and medical treatments, at a time and place to suit you.
It also plays an equally important role in helping fund the cost of early diagnosis and treatment of acute conditions. This could be anything from a few sessions of physiotherapy, to more complex procedures such as major heart surgery or biological therapy for the treatment of cancer.
PMI Cover gives your clients the peace of mind that comes with knowing they can get fast access to the highest-quality private healthcare, whenever they need it.
For more contact:
45 Langley Park Road, Sutton, Surrey SM2 5EP
Tel: 0208 642 5273
Not only does Trish get cover for healthy clients she also specialises in getting cover for clients with pre-existing illnesses.
She has her own brokerage called Insure2bsure and she is directly authorised by The FCA. She has clients as young as 18 to 84!