I love the quote from Winston Churchill regarding insurance which I've copied here:
"If I had my way, I would write the word "insure" upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.
It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world"
If you are thinking of taking out some life cover, make sure you consider the following
- You've got enough cover
- It's the right type of cover - Level / Decreasing / Family Income Benefit
- You've included waiver of premium
- You've put it in trust
- Review the beneficiaries & trustees if you have put it in trust. (I've amended the beneficiary once for a client who'd divorced several years ago and his ex-wife was still the beneficiary
- For a couple two single life policies typically offer significantly better value for money
- If you're increasing your cover look to see if you have any increase options on your existing cover
This is an easy one for dentists as you have to simply make sure that you're fully covered for a payout in the event you can't work as a dentist. This element of the critical illness is called Permanent Total Disability. We've done the research and can advise which insurers offer a competitive but comprehensive contract. Incidentally I understand that the re-insurers (most UK life insurance is now reinsured through other companies) are not likely to maintain this 'own occupation' definition for ever for dentists, so if you're thinking of getting it, do it now and if you can afford it make it level rather than decreasing. Then put it in trust. And consider all the above points under Life Assurance.
Click on the link to the right and watch Marius Barnard's movie to find out how this amazing product was introduced. On the 3rd of December, 1967, he assisted his brother Christiaan in the first human-to-human transplant.
Download '19 Reasons Why You should use an IFA for Insurance | PDF' now