INSURANCES

While we all like to think nothing will happen to ourselves or our family, it is a fact of life that illness, incapacity or bereavement can happen at any time. In addition to the emotional toll that these problems bring, the sudden loss of income or home to a family can make a bad situation even worse.

​

While none of us can tell what the future will hold, it is possible to mitigate against even the worst case scenario if you have made adequate financial provision. Personal Protection Plans – otherwise known as Life Assurance, Critical Illness and Accident and Sickness plans – are available to help in case of emergency. Here at Lee Fisher Associates, we are able to advise on a complete range of Personal Protection Plans which will protect and give peace-of-mind to you and your family.

​

We have outlined the different types of insurances that could help here:

​

Life Insurance

Life Insurance - also known as Life Assurance - is an insurance policy taken out to provide a defined lump sum of money in case of death during a specific time period.

Mortgage borrowers initially look at covering the whole mortgage debt, so that if they were to die during the term of the mortgage the remaining balance of the mortgage would be repaid, thus ensuring the house is secured for their family. Additional Life Insurance cover can also be arranged which can provide a family with a source of income in case of the policy holder’s death.

​

Critical Illness Insurance

Critical Illness insurance is designed to pay a defined lump sum if you are diagnosed with a specified critical Illness during a pre-set period of time. Critical Illness protection is there to provide financial stability at a time that it is needed the most.

The conditions covered vary from provider to provider, but all policies generally cover the following seven conditions: cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. Only some forms of cancer, heart attack and stroke are covered by Critical Illness Insurance. However, if you have a family history of a particular illness, it is important to discuss this with us as additional cover may be required.

​

Income Protection Insurance

Income Protection Insurance is designed to pay a monthly income to help replace some portions of lost income, should you not be able to work due to accident or sickness.

Whether you are employed or self-employed, Income Protection policies provide peace of mind that you will receive income due to illness or incapacity.

Insurers normally limit the amount they will pay out based on your last twelve months of earnings. The monthly benefit payable is paid to you either until you return to work, you retire or if you pass away. Most policies have a flexible deferment period, which is the period of time a claimant has between losing their source of income to claiming the policy benefit.

At Lee Fisher Associates, we understand that buying a Personal Protection Plan can be a hard decision for some people, given the uncomfortable questions it raises. Nonetheless we believe that planning for your future is a sensible precaution to take, and will happily discuss all aspects of these policies to ensure you make a choice that suits your personal circumstances and gives you peace-of-mind.