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If the global pandemic that is Covid-19 has taught us anything, it's that life is precious, home is important and the life we love is well worth protecting. So many people are coming out the other side of this situation without loved ones, without businesses, without support. You might think that now is not the time to start looking at another expense, but it might just save your finances should something happen! There are many ways to protect yourself from the unknown and often the unavoidable. One of those is to consider insurance like critical illness cover to help you financially should something happen. You can get a great range of different protection from LifeSearch.
Who Are LifeSearch?
For more than two decades, LifeSearch have protected hundreds of thousands of UK families from the financial fallout of critical illness, catastrophe and death. They've grown into the UK's largest life insurance broker and offer customer advice on critical illness cover, income protection insurance, family income benefit and business insurance, along with others. They have a 4.9 rating on Trustpilot and in 2019 was ranked third in the Sunday Times' list of Best Places to Work.
Why Protect Yourself?
One question we should ask ourselves in why should we protect ourselves against things we don't know will happen. What would your family do without you and how would they survive? Picture in this your head. How would the people you hold closest to you survive without your in their lives? If you were to suddenly get hit by a bus, what would happen? If you were one of those who unfortunately died from Coronavirus, how would your family cope? It would be hard enough to lose you without having to worry about finances on top of the bereavement.
Grief is a tricky and terrible road to venture along so having any sense of normality in terms of money in the bank will take one thing off the plate of those you leave behind. According to LifeSearch, there has been an increase by almost 50% in life insurance, from those who are currently not protected, in just the last year. People are starting to look at the value of their lives and what would happen if something tragic took place. Is it time for you to start looking at that too?
The Cost Of Cover
Different types and levels of cover cost different amounts. As it's a tricky time for many people, with jobs looking vulnerable and finances being stretched, you might think that now is not the time to take out an insurance premium. The fact is though, that the sooner you do it, the sooner you are covered should something happen. You might feel that your job is safe having been with the same company for thirty years, but what if you lost it? Income protection covers some of your income (normally up to 70%) and it will pay out if you are unable to work due to sickness or injury.
With everyone having different circumstances and requirements, one of the best things to do is contact a broker like LifeSearch. They can use their expertise to guide you through the possibilities and take anyway any confusion.
Can You Get Coronavirus Cover?
Coronavirus isn't currently considered a critical illness. However if it was to be a factor in an illness listed on your critical illness cover, you would get a payout. Some insurance companies are currently changing policies to exclude Covid-19 but you can still get cover for it. You might have to answer some questions. These will determine your likelihood of catching it and you'll get cover and the cost accordingly
It's always worth hearing from the experts and Emma Walker, from leading life insurance broker LifeSearch said: “It’s a really stressful time for a lot of families who may be under unprecedented financial pressure as well as worrying about the longer term implications if the worst happens.”
“Our advisers are speaking to people who are understandably feeling concerned about protecting their families, and have spoken to many people who are worried they may not be able to get cover that suits their budget during the Coronavirus pandemic. But the key message here is that protection insurance is available.”
Ask Yourself Some Questions
Now is the time to ask yourself some questions. You need to sit down with your spouse. If you're single, take a piece of paper and flesh out what would happen should something happen. How strong is your financial situation? Could your bank balance take a hit? Does that new business you started during the pandemic to make ends meet need insurance? It might be worth having a conversation with an insurance expert about everything from critical illness cover to life insurance. It could be one of the best decisions you ever make!