Topic: Protection

Life insurance protection

Suddenly we’re having to think about things we haven’t thought about before – including the unthinkable

The terrifying daily death tolls resulting from the coronavirus (COVID-19) pandemic outbreak may be causing many of us to think about our own mortality, particularly if we’re responsible for a family or business loans. In our Guide to Life Insurance Protection, we consider how suddenly we’re having to think about things we haven’t thought about before – including the unthinkable.

Understandably, we would rather not think of the time when we’re no longer around, but this crisis has highlighted the importance to protect the things that really matter – like our loved ones, home, lifestyle and business – in case the unexpected happens.

The outbreak of the coronavirus may mean you have concerns about your life insurance (which is sometimes called ‘life cover’ or ‘death cover’) and whether you’re covered. If you have life insurance to provide for those left behind or to cover business loans after your death, it’s important to keep paying the premiums, even if you’re tempted to put it on hold to cut costs. You could lose your cover and may struggle to find the same level of cover if you start another policy later on.

Projecting ourselves into the future to see what‘s around the next bend

For many of us, projecting ourselves into the future to see what‘s around the next bend is not an easy thing to do. However, without thinking, we insure our cars, homes and even our mobile phones – so it goes without saying that you should also be insured for your full replacement value to ensure that your loved ones and business are financially catered for in the event of your unexpected death. Making sure that you have the correct type and level of life insurance in place will help you to financially protect them.

Life insurance provides a safety net. Ultimately, it offers reassurance that your family and business would be protected financially should the worst happen. We never know what life has in store for us, as we’ve seen in recent weeks with the outbreak of COVID-19, so it’s important to get the right life insurance policy. A good place to start is asking yourself three questions: What do I need to protect? How much cover do I need? How long will I need the cover for?

Supporting your family and business financially when you’re no longer there for them – what questions you need to ask:

• Who are my financial dependents – my husband or wife, registered civil partner, children, brother, sister, or parents?
• What kind of financial support have I provided for my family?
• What kind financial support will my family need in the future if I die prematurely?
• What kind of costs will need to be covered, such as household bills, living expenses, mortgage payments, educational costs, debts or loans, or funeral costs?
• What amount of outstanding business loans do I have now?

The correct level of life insurance will make sure they’re taken care of financially

It may be the case that not everyone needs life insurance. However, if your spouse and children, partner, or other relatives or business depend on you to cover the mortgage, other living and lifestyle expenses, or business loans, then it will be something you should consider. Putting in place the correct level of life insurance will make sure they’re taken care of financially.

That’s why obtaining the right professional financial advice and knowing which products to choose – including the most suitable sum assured, premium, terms and payment provisions – is essential.

At different stages in your life, your need for protection will inevitably change

There is no one-size-fits-all solution, and the amount of cover – as well as how long it lasts for – will vary from person to person. Even if you consider that currently you have sufficient life insurance, you may probably need more later on if your circumstances change. If you don’t update your policy as key events happen throughout your life, you may risk being seriously under-insured.

As you reach different stages in your life, the need for protection will inevitably change. How much life insurance you need really depends on your circumstances – for example, whether you’ve had a mortgage, you’re single or have children, or you have business loans that you are liable to pay.

Don’t wait until the coronavirus (COVID-19) crisis is over to get insured

Everyone’s circumstances are different, and not everyone needs life insurance. But in these uncertain times, we appreciate you may want to speak to someone about your life insurance and other family and business protection needs. To find out more, please contact S4 Financial on 01276 34932 or email hello@s4financial.co.uk.

Income protection insurance

How will you pay the bills if you were sick or injured and couldn’t work?

There is a growing unease about the economic fallout of coronavirus (COVID-19), with many businesses laying off contractors and putting staff on extended leave, as well as natural worries about contacting the disease.

How secure is the future of your family or business?

Projecting ourselves into the future to see what’s around the next bend is not an easy thing to do

Given the current situation during this difficult and unsettling time with coronavirus (COVID-19), it’s important to think about how secure your family’s or business’ future would be in the event that you were no longer around. Understandably, we would rather not think of the time when we’re no longer around, but this crisis has highlighted the importance of protecting the things that really matter – like our loved ones, home, lifestyle and business – in case the unexpected happens.

Lifestyle protection

One in five self-employed and contract workers unable to survive a week without work

The world of work has changed enormously over the past 20 years. Being self-employed, freelance or working on a contract basis has become the norm for all sorts of professions.

Do you have a financial safety net?

One in five self-employed and contract workers unable to survive a week without work

We’re a nation of entrepreneurs with a record number of self-employed people now working in the UK. The world of work has changed enormously over the past 20 years. Being self-employed, freelance or working on a contract basis has become the norm for all sorts of professions.

Life is full of uncertainties

If the worst were to happen, would your bills still get paid?

Everyone should consider protection, even those who don’t have a family or a mortgage! Unless they have substantial savings or inherited wealth, most people rely on their salary to pay for everything.

Income Protection Insurance

Would you still need a monthly income if you can’t work?

Have you ever considered what would happen to you or your loved ones if you couldn’t work due to a long-term illness or injury which results in a loss of earnings? It’s important to be able to keep your finances healthy as you recover.

Health fears

Barrier to employment and retention of older workers

Older workers are an invaluable component of the UK workforce, given their extensive industry knowledge and expertise that all colleagues – particularly younger generations – can benefit from.