Life Insurance  

Term Assurance can provide you with the confidence that should the worst happen to you, your family will be looked after so they don't need to worry about bills during a difficult time, and to prevent a future financial burden. 
 
In the event of diagnosis of a terminal illness or death a lump sum will be paid to beneficiaries, usually by way of a trust which can be used for any purpose although commonly used to pay off a remaining mortgage, to cover any outstanding debts or provide living expenses. 
 
Life Insurance can cover whole of life, or more typically Term Assurance to cover the term left on a remaining mortgage, and as such can either be index linked with inflation, level or a decreasing value as typical with a repayment mortgage. 
 
Phoenix Health and Protection can assist you in choosing the right plan for you to suit your existing or future arrangements. 

Joint life Insurance  

Could you cover the costs of your mortgage and other living costs such as childcare and utility bills if your partners contribition ceased entirely?  
 
Mortgages are often taken out with 2 partners, where if one were to pass away, this could place a financial burden on the remaining partner. A joint life policy can be set up to ensure that if the worst was to happen, the remaining partner and family members can continue to live in the family home after a lump sum payment has been made to cover the remaining mortgage. 

Critical Illness Cover  

Taking out a critical illness policy would ensure that if you were to have a critical illness which meant that you were incapacitated for a short period of time or longer term, you are protected against financial hardship. 
 
Statutory Sick Pay (SSP) and Universal credit in many cases won't cover regular monthly commitments, and if the worst was to happen you may find that you do not have adequate savings or support from social services. The government is unlikely to pay all your mortgage, in many cases one of the biggest outgoings. 
 
A Critical illness policy would pay out if you are diagnosed with a serious or terminal illness, and can also include life cover. This payment can then be used to pay off an outstanding mortgage, cover living costs or provide extra medical treatment which isn't available on the NHS. 

Income Protection  

What would happen if you were unable to work due to illness or a serious medical condition either temporarily or longer term? Do you have adequate savings in place to cover your monthly commitments such as mortgage repayments or rent?  
 
Around 1 million workers a year are unable to work due to long term illness or injury (source AIG), many of whom have no income protection in place which can be devastating for them and their family. 
 
An Income Protection policy, after a specified deferment of incapacity, will pay out a percentage of your usual income to give you some financial protection whilst you are unable to work.  

Family Income Benefit  

If anything happened to you or your partner, would it be useful for the family to receive a regular monthly amount to help cover living costs?  
 
Whilst Term Assurance will provide a lump sum in the event of death or diagnosis of a terminal condition, family income benefit is a very useful benefit which will provide regular financial support to the family of the policyholder, effectively continuing to provide an income for your family. With payments being on a monthly basis, it makes budgeting easier for those left behind. 
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