COUPLES

 

The types of cover we advise on and why you might need them.

​

1.Life Cover;  pays out in the event of death during the term of the plan.

Why might you need it?

​

• To cover a mortgage or other debts and to provide financial support for your partner.

Considerations:

 

• Could you afford to keep the mortgage on your jointly owned property if the other dies?

 

2. Critical Illness; pays out in the event of being diagnosed with a critical illness.

​​

Why might you need it?

​

• To help fund medical costs, to make lifestyle changes, replace any loss of income.

• To help cover the costs of your partner looking after you. They may need to take time off work.

Considerations:

​

• 1 in 2 of us will suffer a critical illness during our lifetime.*

• The main causes for a claim in adults are cancer, heart attack, stroke and MS.

* according to Cancer Research UK 2022
3. Income Protection;  pays out in the event of being unable to work due to sickness or accident.

Why might you need it?

 

• If you have little savings to fund any time off work while you recover.

• If you have limited or no cover from work other than statutory sick pay.

• If you are self employed and reliant upon your own ability to work.

• If you have a joint mortgage to maintain.

​​

Considerations:

 

• In 2021 the average age of a claim was 44 with Insurer Aviva. The average length of time a plan paid out for was 7 years and 5 months.(Based on Avivas 2021 published claims report)

• Could your savings last 7 years and 5 months? If you think your partner could help consider the impact on their savings and lifestyle, consider the strain on your relationship.

​

It is important to protect yourself, your partner and your lifestyles.