What family insurance products should we have in place?

We have just taken out a new mortgage and are unsure of what protection we need, we have two additions to the family since we last remortgaged and feel now is the time to get it all sorted.

Question asked by James Laverty
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Answered by Andrew Jenkinson

Drewberry’s four step approach to protection insurance

Without asking further questions and taking you through a full fact find we wouldn’t be able to give you specific advice but we can say that we often recommend that families consider a four step approach to their protection insurance.

Step 1 – Protecting your income

Choose Income Protection to protect your monthly income if you are unable to work due to any accident or sickness.

Step 2 – Protecting your mortgage and debts

Choose Life Insurance to protect your mortgage and any large outstanding debts. The policy would pay out a lump sum to your beneficiaries in the event of your death or diagnosis of a terminal illness.

Step 3 – Protecting your loved ones

Choose Family Income Benefit to protect the standard of living of your loved ones should the worst happen. The policy pays out a monthly sum to your dependents on the event of your death until an age where you believe they would be self-sufficient (usually at the age of 21).

Step 4 – Protecting against serious illness

If your budget permits choose a small amount of Critical Illness Insurance, it provides you with a cash lump sum should you or your children suffer from a critical illness, this payment can help with any larger expenses such as adjustments to your home or hospitalisation costs.

Naturally this only provides a very high level overview. To ensure the products fit your needs there is a lot more we would need to know about your circumstances including but not limited to any sick pay or savings you may have to support yourself, the size and type of your mortgage and how long it lasts.

Seek advice

If you are ready to talk about your specific circumstances and find the right family insurance products for you then please do get in touch with our insurance experts on 0208 432 7333.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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