The lockdown period has given us all time to think about what is important in life. Material things may now be far less important and looking after your family has become the key focus. Many of us may have thought about our own mortality, particularly those of us who are responsible for little ones.
Solicitors have been busy with people wanting to make wills. There are new ways of witnessing signatures on car bonnets and through patio doors and windows to ensure that the will is valid.
We have seen an increase in the number of enquiries from existing and new clients for Income Protection and Life Cover. It is highlighting that people are thinking how to protect their income in the event of not being able to work through illness or accident or providing a lump sum for their loved ones in the event of death.
Income protection insurance provides a monthly payment in the case of illness, or accident. Depending on your policy, it can replace up to 70% of your income and takes away the worry that, should you be unable to work through no fault of your own, you won’t be able to pay the bills.
Life Cover will provide your loved ones with a lump sum on death. Life insurance is important for several reasons. Firstly, when you die your debts will be passed on to your family (including lengthy mortgages), which could leave your loved ones with financial difficulty and tough decisions to make on how to manage in the future. Can you imagine having to sell the family home because you cannot cope financially at a time when your life is in emotional turmoil. Secondly, dying is expensive, with the average cost of a cremation in the UK at just under £4,000. Life insurance can cover the cost of pricey funerals. Finally, some families rely heavily on just one wage earner; in this situation the loss of either partner has serious consequences and the non-working partner may not have any cover whilst the wage earner has ‘death in service’. Life insurance would provide their death in service.
If you are interested in talking about the protection needs for you and your family, please contact mailto: info@chantlerkent.co.uk or call 01689 607007. We are open for business and are happy to talk either on the phone, skype, zoom or any of the new ways that we are now communicating.