How to get the insurance you need in 2023

How to get the insurance you need in 2023

When you want to get insurance there can often look like that there are two many options to choose from and where on earth do you start?

I’m here to break it down for you.

There are 3 main ways of getting the insurances that you need.

• Go online and use a price comparison site
• Use a non-advised broker
• Use an advised broker – that’s us!

I’m bound to say that an adviser broker is best, I am one. But the best route is really whichever one suits you and what you need.

The benefit of using an adviser like myself and my team is that we can tell you which insurances are and aren’t right for you. With all the technical jargon in the insurance world it’s very easy to get lost about what the insurance does for you and just as importantly what it isn’t doing for you.

Let’s take a look at three different insurances and a couple of examples of what they can do for you.

Life Insurance

This is usually one of the simplest policies that can be arranged. It does what it says. Life insurance will pay out a lump sum of money if you die whilst the policy is active. 

What life insurance does

• Pays out a lump sum of money that is usually tax free
• Helps your loved ones to pay for funerals, mortgage and any inheritance tax they may face

What life insurance doesn’t do

• Most won’t pay out if you die through self harm in the first 12 months
• Most policies no longer build up a pot of money that pays out to you if you live past the policy end date

Income Protection

Income protection is a policy that pays you a monthly income if you are ill and unable to work. The policy usually provides financial support if you are unable to work for a period of 4 weeks or more (sometimes even from day 1) due to ill health.

What income protection does

• Most income protection policies will pay out if you are ill and cannot do your own occupation, until you can return to work, or right up to your retirement age
• It means that you won’t need to rely on statutory sick pay which is currently just £2,781.80 to live on for 6 and a half months!

What income protection doesn’t do

• Most will not payout if you are made redundant
• It does not cover loss of income by an employment contract coming to an end or your work reduces

Critical Illness Cover

Critical illness cover is an insurance that is designed to provide you with a lump sum of money to help you if you are diagnosed with a listed condition.

What critical illness cover does

• Pays you a lump sum of money if you are diagnosed with a condition that is covered by the policy, often at a specified severity
• Most policies usually offer claim payouts for over 50 conditions including cancer, heart attack, stroke, multiple sclerosis, Parkinsons and more

What critical illness cover doesn’t do

• Pay out for a condition that is not listed on the policy claims set
• Pay out if you die, unless you’ve combined it with life insurance

You are always welcome to speak with one of our expert advisers for a no obligation quotation, to find out the right insurance to meet your needs.

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