The importance of life and critical illness cover

26 October 2022

Advice on protection for your family and home is the cornerstone of financial advice. As financial advisers, we have an obligation to ensure you’re protected if you fall ill or in the event of your death. At times life and critical illness cover can seem expensive and be viewed as just another expense at what is already an expensive time for people.

However, none of us can predict the future and therefore it is essential to put the cover in place to ensure that our loved ones and financial commitments are covered should the unthinkable happen.

We recently spoke to one of our advisers, Vickram, regarding a client for whom he had provided cover in 2018. The client Mr. S had been advised to cover his new mortgage with a decreasing life and critical illness policy with Legal & General for £255,995 in 2018. The cover was for 27 years with a monthly premium of just over £100.

Unfortunately, only a few years later Mr S and his family were devastated to find he had been diagnosed with cancer. The client contacted our adviser, Vickram Negi, who helped his client navigate the claims process and we were pleased to find out that the claim was upheld swiftly and paid out £245,143.70.

This injection of capital, at a time when he needed it has proved invaluable. It has removed any financial pressure he was under, allowing him to focus on his recovery. In many ways, it’s the perfect example of why protection is so important, and the huge benefits it can have when faced with a life-changing diagnosis.

We are pleased to say that Mr S is in remission and doing fine. The funds from the claim were enough to pay off his mortgage in full and as the client had made overpayments to his mortgage, provided a substantial amount of extra capital to help with any costs the family may incur in the future.

For more information on the type of cover available check our Life Insurance page.

If you are ready to discuss your requirements we can help you review your protection cover. Contact the team on 020 745 5893 or fill in the form below and one of the team will call you back.