Life and Sickness Cover
At Giliker Flynn Independent Wealth Ltd, we understand that the correct policy and appropriate level of cover is vital when it comes to protecting you and your family. For this reason, we are able to advise you on all aspects of life assurance to ensure that liabilities and loved ones are properly catered for should the worst happen. We will advise you on the best types of policy and whether or not it should be set up in trust. We will further ensure that all policies remain competitive and relevant by regularly reviewing the contracts in line with your changing situation and circumstances.
Term assurance is the most straightforward type of life insurance – and usually the cheapest.
If you die within the policy term, it will pay out a lump sum agreed at the outset. The term can vary in length from a few years to a few decades, though you might not be able to buy term assurance beyond a certain age. It is important to remember that term assurance only pays out if you die within the term.
So, if you take out a 15 year policy and die after 16 years, your family will get nothing. Some policies will pay out a smaller lump sum if you are diagnosed with a terminal illness during the policy term. But always check the terms and conditions for details
Critical Illness Cover provides a tax free lump sum should the policyholder be diagnosed with having one of the insurer’s specified Critical Illnesses during the term of the policy.
Critical Illness Cover can be used to provide protection in a number of ways. Like Life Insurance, it was primarily designed to help protect immediate family members and possibly other dependents from financial hardship by providing the means to pay off the mortgage on the family home and/or by providing income for the family to maintain their standard of living. This type of cover can also be used simply as funding to cover expensive treatments or an extended period of convalescence before the policyholder returns to work.
As the chances of developing a critical illness are far greater than the chance of dying, Critical Illness Cover tends to be 3-4 times more expensive than Life Insurance. Typically, however, a combined policy will work out much cheaper than separate Life Insurance and Critical Illness Policies, so much so that often adding a Life Insurance element to a Critical Illness policy may add no more than a small increase in the monthly premiums, if any.
Income protection cover is probably the most important policy you and your family will need. It pays you out a monthly tax free income if you can’t work, whether through illness or disability. It is available to both employed and Self Employed people.
Income protection provides long term cover when you need it most and will continue to pay out until you go back to work. Your policy ends when you retire or go back to work, whichever happens first.