Economic difficulties around the world are increasingly making people painfully aware of the need to effectively protect their families’ financial future. One of the most pressing concerns for many families is the question what would happen if the household’s main earner was to sustain a debilitating injury, become unable to work due to critical illness or die. Here are four ways to protect your family’s financial future.

3 generations of family outside at the beach

The four most effective ways of protecting your family in the event of injury, illness or death are:

  • Life Insurance
  • Critical Illness Insurance
  • Mortgage Protection Insurance and
  • Income Protection Insurance

Here’s how these types of insurance can help to protect your family’s future.

    1. Life Insurance

Making a lump sum payment in the event of your/your partner’s death (depending on whether an individual or joint policy was taken out), a life insurance policy will provide the financial means necessary to enable your family to uphold their lifestyle despite the loss of your/your partner’s income.

    1. Critical Illness

Although available as stand-alone policies, critical illness insurance is often sold as an optional extra on life insurance policies. Protecting you and your family against the financial impact of a range of critical illnesses (covered conditions may vary between policies), this kind of policy will keep your family’s lifestyle and financial future secure by providing a payment should you or your partner (again, this depends on whether the policy is for an individual or joint) be diagnosed with a critical condition.

    1. Mortgage Protection Insurance

Safeguarding your mortgage, which will most likely be your greatest financial commitment, with the help of a mortgage protection insurance policy will ensure your family can repay the mortgage and continue living in the family home without financial worry in the event of your death or critical illness diagnosis (if added).

    1. Income Protection Insurance

Providing a regular income in the event of you being unable to work due to a serious accidental injury or illness, income protection insurance allows you and your family to continue your lifestyle throughout the period of your inability to work.

Call Us

Researching the most suitable policies and recommending the correct cover amount to meet your family’s needs at the most reasonable premium rates can be difficult, as there is such a bewildering choice of options. With more than 20 years’ experience in helping people make the right choices, we can help you protect your family’s financial future in the most effective and affordable manner possible. Give us a call on 01279 315 013 or email info@spectrumfa.co.uk today to learn more.