First and foremost hello and I hope you are almost prepped & ready for Christmas?! Its been a busy year for me and my girls & we certainly are looking forward to some much needed downtime with the family!
Forgive me! Forgetting my manners… I’m Natalie Ellis, a mortgage and protection adviser. Mum to my twin girls and a lover of most sports when I’m not working.
I wanted to give you all a brief overview relating to life insurance, put you at ease with some jargon & cut out the complication that can sometimes be associated with life insurance.
In the last few years I certainly have had increased conversations about future planning whether that be wills, bespoke and individual life plans or clients, friends or family asking questions of what if? Or what have you got in place if this happens… bit dull? Bit depressing? Sure… but what’s worse having that very conversation now or not bothering to leave your legacy protected….. & for me sadly having to confirm to your family… “sorry they didn’t have anything in place”.
Why is life insurance so important?
Providing my clients with the right information surrounding life insurance and advising on specific plans are part of my everyday role. We all have different reasons for getting it & also different reasons for not…..
My reasons are this…..
Being a mum my daughters depend on my income, my care, my future planning. If I was no longer able to work for some time, or sadly contracted a critical illness or worse died…. What would happen? who would help?
I have life insurance plans in place that cover all of these so my income is protected making sure I can still pay for a home, for their school clubs and for their mountains of outfits & Roblox obsessions if I cannot work! I have life cover and a critical illness plan also in place.
I’m doing my job right in providing advice and tailoring very specific plans to suit your circumstances – I would hate to deliver the message to your family that “sorry they didn’t have any cover or declined my advice” resulting in further hardship and upset.
Do I need life insurance?
Everyone’s priorities & circumstances are different but getting life cover can protect you and your loved ones when they need it most. I can tailor plans to suit age, work status and family factors, and ultimately, whether you really need it or not as there is no need in paying for something that you don’t!
Life cover – what is it?
Life cover is various types of life insurance, where you pay monthly premiums, your family can claim a cash sum in the event of your death (if that happens during a defined policy term). This is also sometimes referred to as ‘level cover life insurance’, as the amount of cover stays fixed for the duration of the policy. You can also take out life insurance as a decreasing life policy where the cash sum decreases in line with the way repayment mortgages decrease. Life cover can also mean critical illness cover – this certainly can help minimise the financial impact on you and your family if you become critically ill.
Who should get life insurance?
Buying a house – Where you can take a policy out usually used if either home owner passed away during the term of the mortgage the debt is paid off leaving the surviving home owner with no debt to worry about.
Newly weds – If you’ve recently become engaged or married and are joining families and assets, it can make life easier to know you are both covered if one of you were to die. Life insurance enables you to make financial contributions to your partner’s well-being after you’ve departed.
Having a baby – The cost of raising a child is expensive, even before factoring in considerations like school clubs, uniforms, holidays & possible education and university contributions. There are policies available that run until your child reaches a certain age where you feel is the right time for your policy to run up to providing peace of mind.
Inheritance Tax – Another reason people may decide they need life insurance is inheritance tax, which can be a big worry for those intending to leave money for their children once they die. Bills can run into tens of thousands of pounds, which can make a significant dent in your children’s inheritance. However, if you were to buy a life insurance policy that covered the tax bill, they could enjoy everything you intended them to receive.
You may also want to put your policy into trust. If the conditions of your trust are met, then this means that your assets no longer belong to you, but to the trust. In accordance with HMRC rules, your assets could then be exempt from inheritance tax. You would be able to decide how the trust is managed, for example whether your assets go straight to the beneficiary after your death or are retained by a trustee until your beneficiary reaches a certain age.
No matter your situation, there may be a conversation waiting to happen that you just keep putting off or don’t know where to start, let me help…… get in touch today. Its as simple as that and let me do the rest !
If I can be of any assistance then please let me know
Natalie Ellis – BSc Hons, CeMap Mortgage & Protection Adviser
firstname.lastname@example.org – 07989 686882