Cover Your Family With Love – Finance Matters
LET’S TALK ABOUT LIFE INSURANCE
There are two types of life insurance and both pay out lump sums when you die. Term insurance provides cover over a pre-determined period only, while whole of life assurance continues until you die. With the latter, a payout is guaranteed.
So which is best for you? Think about who the insurance is for and why. How much cover do you need and for how long? It’s also worth checking whether your employer provides a death in service benefit. If you’re looking at term insurance to provide security for your family, it might be worth considering ‘family income benefit’ as an alternative. Rather than a lump sum, this pays out a regular income until the end of a specified period and is relatively inexpensive.
WHAT ABOUT ILLNESS COVER?
Critical illness cover (CIC) pays out a lump sum if you’re diagnosed with one of a specific range of conditions, from heart complaints and cancers to rarer diseases. Typically, a policy will cover 40-50 conditions. These can vary considerably, however, which makes it tricky to compare like with like. You can buy CIC as an extension to life insurance or as a standalone product. The right option will depend on personal circumstances.
Income protection gives you a regular income if you become unable to work due to sickness or disability. It’s the most expensive of these insurance options, as it’s the most likely to be called upon. It’s also one that’s often overlooked.
SJP Approved 02/06/2023
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I’d love to help you secure your family’s financial safety net. At C Mearns Finance we’re proud to offer tailored solutions and access to SJP’s carefully selected insurance panel.
C. Mearns Finance
‘C Mearns Finance is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.’
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