Life cover will pay my family if I die but what happens if I suffer a critical illness - cancer, heart attack, stroke etc? At best it would mean a dramatic change to your lifestyle. You may no longer be able to work. A capital sum to clear the mortgage or any outstanding loans or an income to replace your wage or salary could be provided by a critical illness plan.
How can I replace the family income if the worst happened?
Life cover would provide this. You need to review this from time to time as your circumstance may change. You may be paying too much - rates have come down over the last few years. You may need to increase your cover if a new family member arrives or possibly reduce your cover if a son or daughter leaves to get married.
"If I had my way, I would write the word "insure" upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.
It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world".
Sir Winston Churchill
Critical Illness prevention
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O'Toole & Associates LLP Pension Transfer Specialists and Independent Financial Advisers IFA - All Rights Reserved.
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