Life Insurance

Life insurance could be the most important financial product you ever buy. It’s not easy to think about, but the reality is, when you die your family or partner might struggle financially. Having the right life cover in place can help them and it could be the difference between being able to pay the mortgage or losing their home.

You can choose the amount of cover you need and how long you’d like the cover to last, which might be until your mortgage is paid off or your children leave home, it’s up to you. This will provide you and your family with the reassurance that they will be able to continue their standard of living without serious money worries, even after your death.

The cost of the cover is based on a number of factors, such as your age and health. There are lots of different life insurance policies to choose from, so it’s important to understand exactly what’s available and what you’ll be covered for before buying.

As well as life insurance, you should also consider critical illness cover. This can help protect you from the financial impacts of a serious illness such as cancer, a heart attack or a stroke by paying you a lump sum. It’s worth checking what’s covered when you take out your policy as different insurance companies may cover different conditions.

To get the right insurance cover for you, Scottish Widows can help. Visit their website (www.scottishwidows.co.uk) or speak to a financial adviser for more information.  

Unfortunately, serious illness has a huge impact in the UK, with almost 990 cancer cases diagnosed every day, and someone suffering from a stroke around every three and a half minutes. It’s not something we like to think about, but how would you and your family cope if you could no longer work, or had to take time off to recover from a serious illness?  

Critical illness cover is there to provide you and your family with financial security if you do suffer from a serious illness and need to give up work or take time off to recover. Critical illness cover normally includes a number of illnesses, including heart attacks, strokes and certain types of cancer. You’ll be able to get a full breakdown of the cover from an insurance company and it’s very important that you’re clear on what conditions your policy does and doesn’t cover. 

If you do suffer one of the critical illnesses covered in your policy, your insurer will pay out your cover amount as a tax-free lump sum. This can help you cope financially and meet the cost of bills, such as mortgage payments and day-to-day living costs.  

With advances in medicine, more people are surviving a serious illness. But it can still have a major effect on your ability to work, so cover can provide you and your family with financial support while you focus on what really matters – getting better. Some policies may also pay out a smaller amount for less severe additional conditions and provide cover if your child suffers a critical illness, but you’ll need to check this with your insurer.

Scottish Widows can help ensure you have the cover in place to suit your needs. For more information, visit the Scottish Widows website (www.scottishwidows.co.uk) or speak to a financial adviser.