What is your biggest asset?
We ask this question to all our clients and the responses vary, but what do you think your biggest asset is?
- Your house?
- Your car?
- Your pension pot?
The above are assets, but your biggest asset is your ability to earn. If you are fit, healthy and able to work then earning an income is your biggest asset. Therefore you really need to consider protection.
Think of it like this, if you owned a money making machine, as in a machine that printed your money, you would insurer it against breakdown and repairs. This is exactly what you are to your family, you are the money making machine, so insurer it!
Is now the right time for protection insurance?
Life’s complicated enough when you are fit, well and have a steady income. No one needs the added financial, practical, and emotional problems that a death or critical illness can bring.
But sometimes, without warning, these things happen. Protection insurance cannot stop death or critical illness, but it can make dealing with the financial consequences a lot easier.
What are the options?
Life cover could provide for your family if you die or become terminally ill. Critical illness cover could give you a lump sum if you were diagnosed with a critical illness like cancer, heart attack or stroke if it meets the plan’s definition of that illness.
Is it expensive?
Not necessarily. Just £10 a month could buy just over £254,000 of life cover.1
Or £10 a month could give the same person just over £30,000 of life or critical illness cover.2
Even that amount could help you by covering your mortgage and everyday bills and expenses if you became ill, leaving you to concentrate on getting better. The amount it covered would depend on the level of cover you choose and your outgoings. Many of us already insure our homes, our pets and even our mobile phones – so why not insure ourselves?
Extra benefits
We can recommend a plan that gives you that little bit extra. As well as offering outstanding protection, as well as plans that include practical and emotional support such as access to:
- A face-to-face second medical opinion
- A dedicated nurse
- Bereavement counselling
- Complementary therapies
- Practical help at home
- You can start using this service as soon as your plan starts.
If you’d like to find out more and find out how much a personal protection plan might be, please contact one of our advisers who can arrange a quote.
Sources:
- Client, male, 30 on next birthday, non-smoker. Life Cover, 25-year term, level lump sum of £254,296.21 on guaranteed rates, payment £10.00 a month, including plan charge of £2.60.
- Client, male, 30 next birthday, non-smoker. Life or Critical Illness Cover (without Children’s Critical Illness Cover), 25-year term, including TPD, level lump sum of £30,452.37 on guaranteed rates, payment £10.00 a month, including plan charge of £2.
Both Royal London, April 2020.
Helping Hand is a package of support services, provided by third parties that aren’t regulated by the Financial Conduct Authority. These services aren’t part of Royal London’s terms and conditions, so can be amended or withdrawn at any time.