Like a bird’s feathers don’t just help them to fly, a comprehensive wealth protection policy needs to provide protection for you and your loved ones against a whole range of scenarios. Whether it be providing an income in the event that are too ill to work, or ensuring your family are cared for should the worst happen, it's vital you have the right protection in place.
Having adequate income protection & life insurance in place means that your family will receive a helping hand right when they need it most, and you will be able to effectively pass on your wealth to your children.
The three most common types of protection to consider are:
While we plan our lives around the income we earn, have you ever considered what would happen if you were unable to work through illness or unemployment for a prolonged period of time? We always recommend to set aside a rainy day fund which is around 3 times your monthly income as a minimum, however it is reported that many have much less than this.
Also, what happens when if you are ill or unemployed for longer than that? An income protection policy will provide you with the peace of mind that if you were to suffer with long term health problems that you will continue to receive an income for either a set period or until you are 70 years old.
Whilst you might be fit as a fiddle today, no one truly knows what’s around the corner. A harsh reality is a person under 65 is five times more likely to suffer critical illness than die.*
A report by Cancer Research UK indicated that 50% of men and 45% of women born after 1960 in the UK are at risk of contracting some form of cancer.** Should the worst happen, having Critical Illness cover in place will go a long way to helping you pay important bills and alleviate some of the stress, allowing you to focus on getting better.
Whilst you are working hard to look after your life right now, it’s easy to forget about what happens when you die. But with a little careful planning now, you can be confident of protecting you and your loved ones along the way.
There are two main types of Life Insurance;
Whole Of Life - as the name suggests, whole of life cover provides you with cover from the moment you enter an agreement and offers a guaranteed pay-out when you die
Term - With term life cover, you choose how long the cover will last for. This might be determined by how long you have left on your mortgage or to provide adequate support until your loved ones reach adult age
For more information on wealth management contact us today.
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Protect your family with Skybound
At Skybound, we want to help you protect and preserve the wealth you’ve worked so hard to build. Our team of experienced advisers will help you every step of the way to financial prosperity and security. Let us guide you in the right direction and we will help you soar towards financial freedom.
Life insurance isn’t a requirement, however if you have dependants such as a spouse or children, who rely on you financially, a life insurance policy provides peace of mind that they would be looked after should the worst happen to you.
What is Mortgage decreasing term insurance?
This pays out to cover your mortgage if you die within a set term. As your mortgage debt decreases over time, the amount covered by your policy decreases.
Do I need a separate insurance plan if I have a mortgage?
If you already have insurance in place through your work or through another policy which covers your mortgage debt and any additional lump sum for spending or other debts, there may not be a need to take an additional policy linked to the mortgage. However, everyone’s situation is unique so it’s worth reviewing this with a qualified adviser.
What is Level Term Insurance?
This is the simplest form of life insurance. Your dependant will receive a set amount if you were to die within a certain time period. Whereas with decreasing term insurance, the amount your dependant receives decreases over time.
Talk To An Adviser
You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.
Skybound Wealth Management Limited FF2, MBP3, Meadowhall Business Park, Carbrook Hall Road, Sheffield, S9 2EQ
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.
The guidance and/or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Skybound Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. Registered Office - MBP3, Meadowhall Business Park, Carbrook Hall Road, Sheffield, S9 2EQ. Registered Number 04479650, England. Financial Services Register Number 217994.
The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk. Neither Skybound Wealth Management Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.