The situation’s not looking great. Millions of UK families are facing financial pressure not seen since the 2008-2009 crisis.
Inflation’s set to rise to 7.5% with the economy slowing and taxes heading north. We could dwell on the reasons why we are where we are, but let’s instead think contingency.
Experts at Free Price Compare’s insurance partner LifeSearch have compiled a list of five key ways life insurance can ease the pressure on your finances. If you see yourself in the picture, reach out and give LifeSearch a call on 0203 764 0194, or complete the form here.
1. Income Protection
Right now, many of us are thinking about how far we can stretch our wages. But what if those wages suddenly aren’t there? Statutory Sick Pay is less than £100 per week.
One of the lesser-known products in the life insurance family is Income Protection. It pays a high portion of your wage (typically 50-70%) if you ever get too sick to work. And it keeps paying out until you hit a certain age (chosen by you) or your policy expires.
If you’re younger when you start your policy, it’s not expensive. And it can be a real lifeline.
2. Check your policy for extras
If you have a life insurance policy, chances are you have access to additional products and services. It’s what we call “value-added benefits”… and uptake is typically low.
So you may be sitting there with discounted gym membership; access to free counselling or family care services. Why pay full price if you don’t have to?
With the NHS backlog as it is, many policies include some free access to private health and therapeutic services so it really is worth checking.
If you don’t have life insurance, or don’t think you have such benefits, our partners at LifeSearch can help you shop around, plus you’ll have access to our in-house package of free Care services.
The silver lining is that you’ll have protection in place for yourself and your family should anything unexpected happen.
3. Buy through your business
If you’re self-employed or a small business owner then buying through the company could save you money versus personal life insurance products.
Buying through the business can be a tax-efficient way to protect yourself, your business, lifestyle and family if something unthinkable were to happen.
4. Quit smoking recently?
Life insurance premiums for smokers are much higher. If you’re one of the 200,000 Brits that quit smoking recently, and you don’t use nicotine replacement products, you could be in for savings of a third … or even more … if you originally bought as a smoker.
If this is you, get in touch yesterday.
5. Switched to vaping?
Insurers typically see smoking and vaping as one and the same, but not all of them.
Some insurers view vaping as less risky than smoking, so it could be worth investigating a new policy with a provider that’s more vape-friendly. Chances are you’ll shave some cost off your life insurance if you were previously a full-blown smoker.
A little smallprint
There is some small print against some of the claims and examples in this email so don’t take everything as bulletproof fact. Customers’ circumstances and situations define the savings, services and policies stated so treat the examples in this email as indicative only.
But with the caveats aside, and you’d expect at least some in a financial service communication, our partner LifeSearch would love to speak with you about protecting your family as the big squeeze tightens its grip.
Call 0203 764 0194, or complete the form here. They will try and make your life cover work harder … at a time we all need some of that.
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