At the heart of it, life insurance is about looking after other people – providing for your loved ones once you are gone. Unlike most other financial planning, it is selfless, future-looking and intangible.
Here are a few places where your life insurance looks after you, the policy-holder – after all, it is in your insurer’s best interest that you live a long and happy life.
The absolute apex of personal care, CIC is a system which pays out should you fall prey to a medical condition which dominates, and becomes the focus of your life. Policies which include critical illness cover are very much the norm for modern life insurance and our advisors will discuss them with you in full should you wish to know more.
Different providers offer different levels of CIC cover, and this occasionally complicated subject is best explained in a one-to-one conversation with one of our advisors, but at its core, CIC is there to provide you with some financial stability should you suffer something major, like cancer or a stroke. It can help with medical expenses as well as allow you the time to recover without worrying about working for an income.
Insurance companies use your state of health as a measure by which to calculate premiums. Due to the complexity of monitoring health, the policy is usually based on health at the time of application and, with a few rare exceptions, that initial health check is used as a constant throughout your policy.
For the most part, this financially works in your favour – after all, your health (and thus the cheapness of your premiums) is generally at its peak earlier in your life.
There are some insurers, however, who are moving towards offering substantial discounts for regular health monitoring throughout the policy – and they are willing to grant plenty of rewards in order to keep up this positive communication, from gym membership discounts, to clothing and relevant monitoring technology.
Far from invasive, maintaining a regular communication regarding your health between yourself and your life insurer often results in an extra level of commitment that you would struggle to maintain alone – and a longer, happier and healthier life as a consequence, which is better for everyone!
Another benefit offered by many of the top insurers is that which entitles you to medical advice and even home nursing care should you become ill. Added on as part of your life insurance and CIC package, these additional services can really help should you find yourself struggling with a condition.
Not limited to more obvious medical help, these services have also been used to facilitate childcare when needing to go to an appointment, or even to help take care of household tasks, such as laundry and ironing, during recovery.
Speak to our advisors about possible additional perks that are available as part of your life insurance policy.
Another product which is designed to help you and your family should anything unexpected happen, income protection is insurance which, rather than paying out a lump sum, helps cover your monthly salary should you be unable to work for a prolonged period because of an illness.
A tax-free regular payment, income protection gives you the peace of mind that even should anything happen; your income will continue to come in to cover the regular outgoings that are part of adult life.
It is easy to become lost in the larger issues surrounding life insurance and its related products, but sometimes there are just little incentives that help make regular life that little bit more pleasant. From cinema tickets to a weekly coffee, there are policies which have a number of additional side offers from collaboration with partner companies.
Ask our advisors if there is anything tagged on to your insurance policy which serves you directly and they’ll be pleased to help – it’s all part of finding the most suitable life insurance policy for you. Give Quick Quote Life a call today!
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