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Types of Health and Life Insurance to Consider

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Permanent health insurance, or income protection, is one of the most important types of insurances you can own. Without this valuable cover you could be leaving yourself vulnerable to adverse long-term financial implications for you and your family in the event of accident or illness. As accident and illness can occur at any time and with little warning, it is imperative you are prepared and covered should the unexpected happen.

While many people will be aware of such insurance, there are many different types of cover available to protect you against a variety of circumstances and they can provide a range of different levels of protection. To help identify which types of insurance is best for you, it is advisable to seek financial advice from an independent financial adviser, able to source the best and most cost effective protection from the whole of the market.

If you do not currently have health and life insurance or are wanting to improve or review your current arrangements, our team of expert financial advisers in Leicester will work in partnership with you. They will make sure you have all the information you need, researched from the wider market, so you are able to make informed decisions about your health and life protection, ensuring you and your family’s financial security is assured whatever circumstances arise. To get insurance quotes, visit Insurancequotes, Inc.

The different types of health and life insurance

One of the first steps in choosing the right level of health and life insurance is identifying who you want to financially provide for in the event of accident or illness and being unable to work for a protracted period. This will depend on your unique personal circumstances but could include, yourself, your family or your business partners and associates as part of a business continuation plan.

Identifying who you want to provide for will give a clearer understanding of the types of insurance that may be suitable for you. These can include:

  • Permanent Health Insurance – provides cover in the event that the insured is unable to work, and therefore unable to earn, due to illness or injury.
  • Long Term Care – Long Term Care insurance can help you make provisions for long term care expenses for relatives or provide a guaranteed lifetime income to meet immediate care expenses.
  • Keyperson Insurance – to cover the costs from the impact of death or incapacity of a key member of staff e.g. to help cover recruitment costs and provide a cash injection for a business at such a vulnerable time.
  • Director/Partner Share Purchase – to cover the cost of purchasing the shares from the family of a deceased Director or business partner or to clear borrowings as part of a business succession plan.
  • Employee benefits – whether it is providing “death in service” benefits or insurance to provide temporary or permanent income for employees unable to work due to accident or illness to reduce the strain on the employer, they can form part of an attractive remuneration package to appeal to and retain quality staff.
  • Critical illness cover – provides a tax free lump sum to meet the costs of serious illnesses and ensure financial security during a period of recovery. Research for such type of protection is crucial, as not all critical illness protection plans are the same and is best done by a knowledgeable professional.
  • Regular savings plans – whether used to repay borrowings or meet the cost of weddings or higher education, they can be combined with an element of insurance to ensure they produce what is needed, when it is needed, whatever the circumstances.
  • Whole of Life – provides continuous and unending protection. When the inevitable happens, providing the policy is still in force, it will pay out a tax free sum which could be used to meet the cost of funeral expenses or meet an inheritance tax liability and so ensure a family legacy.
  • Family Income Benefit – protects a guaranteed, tax free income for a fixed term when it would be most needed. Often the term is set to provide security and peace of mind until your youngest child becomes financially independent.

Protection planning often incorporates trusts to ensure speed of payment and tax efficiency. Such associated financial planning really requires expert and specialist help which Castlegate is able to provide.

There are many different types of health and life insurance available. To ensure you are making informed decisions that relate to your personal circumstances it is advisable to seek independent financial advice from a financial adviser, such as Castlegate in Leicester, before putting in place or making any changes to your health and life insurances.

Looking for a financial adviser in Leicester?

Ensuring you have the appropriate level of health and life insurance cover to protect you, your family and business associates and understanding the rules of each policy can be complex, which is why it is advisable to seek independent financial advice from a financial adviser such as Castlegate in Leicester.

At Castlegate, we are an independent financial adviser providing advice in Leicester and across the East Midlands. As an experienced independent financial adviser in Leicester we provide financial advice that is tailored to your unique personal circumstances.

If you have questions about health and life insurance or are looking for an independent financial adviser in Leicester or across the East Midlands, please do not hesitate to get in touch to talk about the most appropriate solutions for your personal circumstances and financial objectives.

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