Insurance: Why is it so important?

Updated: Jan 17

It will come as no surprise that we’re huge advocates of insurance here at Kindred Estate Planning! We’ve seen firsthand the issues and complications that can arise when someone doesn’t have insurance in place.

We offer a range of insurance services, all of which are really important to consider to ensure you’re covered should anything unexpected happen.

Life Insurance

Thinking about and preparing for death is something that no one likes to do - but it is really important! Life Insurance will help to ensure your loved ones are taken care of should you die. It can act as an income for your family, help cover the costs of your funeral or pay any debts you may have. Navigating the death of a loved one is difficult enough, and having life insurance means that your loved ones can have one less thing to worry about.

Critical Illness Cover

Whilst Life Insurance is essential to protect your loved ones in the event of your death, Critical Illness Cover is just as important. If you’re younger than 65, you are five times more likely to have a critical illness than to die. If you are diagnosed with a critical illness, the chances are you won’t be able to work which can put a huge financial strain on you and your loved ones. Critical Illness Cover can help to protect against the financial implications of a critical illness. It will give you a lump sum payment which you can spend how you wish, for example on mortgage payments or utility bills.

Income Protection

Income Protection (aka permanent health insurance) can help you if you’re unable to work due to an illness or injury. It will ensure that you continue to get a regular income until you can retire or return to work. So how is it different to Critical Illness Cover? Well, with CIC you receive one lump sum, whereas Income Protection provides you with monthly payments, as you would receive a typical income. If you’re self employed, or wouldn’t be able to get by on sick pay, this is a really important insurance to consider.

Mortgage Protection

If you’re a homeowner with a mortgage, you definitely need Mortgage Protection! Mortgage payments are typically the biggest monthly outgoing, and should you become unable to work, you would still need to make mortgage repayments to avoid losing the property. Mortgage Protection can cover the cost of your mortgage repayments, relieving a huge financial burden off you and your loved ones.

Business Protection

Many businesses rely on businesses owners or a few key people to run everything, and should anything happen to one of those people, the business could be in trouble. Business Protection means that should someone die or be diagnosed with a critical illness, the business is protected. Should anything unexpected happen, Business Protection can help keep the business trading, ensure debts are repaid, or buy out a shareholder should they become seriously ill (or buy their share if they die).

Home Insurance

A property is the biggest purchase that most of us will ever make, so it makes sense to protect it, right? Home Insurance can help protect you from many things such as fire, floods, theft and damage.

If you haven’t got insurance in place yet, be sure to get in touch with us today to see how we can help.