When You Really Need Life & Protection Insurance Cover

During all of our personal and work lives there are key events that trigger the need for consideration of life, health and protection insurance cover. Let’s examine a series of important life stages and see where an insurance protection policy review might be useful.

Starting Work – leaving University or other education/training as you begin your career you’ll often be presented with a raft of employee benefits to think about : – pensions, death in service (life cover), private medical insurance and so forth. Sometimes paid for by your company as a perk of employment or perhaps may need to pick and choose as part of a flexible benefits package.

Of course it is important to take advantage of these kind of work place benefits, especially if your employer is paying for or part funding them.

If no package of benefits is available at work you might need to consider funding these kind of plans yourself. At this stage in your life, enormous amounts of life insurance may not be the immediate priority, as a foot loose and fancy free young person. However, other insurance products worth considering as your salary increases are perhaps medical insurance and income protection.

Did you know that according to a survey by insurer Aviva in 2010, on average UK incomes peak at around the age of 35. So at that point in your life your highest need for protection of your income comes into play.

If you were to fall ill you would need to both get better quickly (Private Medical Insurance can help with both prompt diagnosis and quick, effective medical treatment) and also maintain your level of income if you were forced to take time off work (Income Protection will help here with a regular income if you are unable to work over a longer period).

As a general rule the younger you are the easier it is to buy income protection and health insurance – rates are lower and you are less likely to have serious medical issues that could create problems when underwriting the plans.

Getting married, then buying your first home – you’ve met that someone special. As you plan together to get engaged then married and set up your first home together, how do your insurance needs change?

At this point in life the need for effective life insurance is a key issue, covering yourself and your loved ones. You might buy a house, start a family, or in the future need to organize care for an aging parent and so forth. As your responsibilities as an adult increase so should your life cover. Think about for example, the amount of financial backing your partner would need to carry on if something happened to you, especially if you had young children. As everyone with children knows, the cost of raising them is immense and increases as they get older. Imagine if your partner had to do this alone or what would happen if you came down with a serious illness. Sufficient life cover and possibly a critical illness policy (which pays a lump sum on diagnosis of a major health problem like cancer or a cardiac condition) gives enormous peace of mind as the family grows.

A major promotion or setting up your own business – as your career soars and you become a boss, senior manager or director all classes of insurance are important as outlined above.

At this point though, you may be the person handing out the employee benefits to the young adults starting work for your company and we’ve effectively come full circle. In addition to cover for your staff you might now be thinking about business protection insurance (key person cover, share holder protection etc) for senior employees or co-directors.

It doesn’t really matter what life stage you’re at or how old you are, there are always vital insurance choices to consider for you, your loved ones and your business. Premier Choice Healthcare is always there with professional advice and support for all of our clients both personal and corporate.