We used Helen to arrange our life insurance policies. She was professional and understanding, even when we bombarded her with questions. She listened to what we wanted from our policies and answered all our queries, explaining it in terms we understood. If you need life insurance I highly recommend using Helen and we will be using her services again to help us find a new mortgage deal when our fixed rate ends.

Hazel – life insurance customer

When you have a family that rely on your income to pay the bills and keep a roof over their head, getting ill is the last thing you want to happen. Who will pay the bills? Will you be able to claim help from the government? If you do not know, you need to speak with Helen at Youngs Mortgages.

It is crucial that you have a discussion with her about the different types of protection policies available to you. No one wants to talk about their chances of becoming seriously ill or their death, but if you don’t talk about it to a protection specialist, such as Helen, you could end up finding yourself with a lot of bills and no means to pay them.

A lot of people think that life insurance or critical illness cover are too expensive and do not see the benefit of them as they only pay out when, unfortunately, the policy holder dies or is diagnosed with a terminal illness. This is not always the case.

The main thing to remember is to be honest when applying for any insurance policy. If you omit things, it will likely invalidate the policy and you will end up with the cover being terminated by the provider.

What cover can you have to protect your family and income?

Life Assurance

This is the most common form of protection people have when they have a family. Typically, your policy will pay out on death as long as the cause of death is covered by the insurance provider and you have been honest in your application. It is available as a joint policy with your spouse, or as an individual policy. It is recommended by us that you have 2 single life policies if you have a spouse. This ensures the surviving partner, and family, are still covered following the death of their spouse.

Many life insurance policies will cover terminal illness diagnosis. In the event of a policyholder being diagnosed with a terminal illness and given less that 12 months to live, the insurer will pay out the cover amount and the policy will end.

Critical Illness Cover

If you have a Critical Illness policy in place, you will be covered, subject to underwriting based on your medical history, for a varying amount of ”critical” illnesses such as cancer diagnosis, stroke, heart diseases and neurological diseases. It wouldn’t be possible to list all the things that can be covered as it varies from provider to provider and it will also depend greatly on your medical history.

Providing your insurer has not added terms to your policy regarding specific illnesses, you will be able to make a claim and receive the cover amount provided by your policy. This lump sum pay out could help clear off debts or adapt your house so managing your illness is easier or you could use it to go on that dream holiday you’ve always wanted to take.

Income Protection

Not all employers will offer their staff sick pay. If you are someone who would have to rely on Statutory Sick Pay (SSP), which is currently £96.35 a week after the designated waiting period, you may want to think about having income protection.

If you are self-employed, you are not eligible for SSP.

If you are unable to work due to long term sickness, an income protection policy will pay a regular monthly income to you for a set period of time – 1 year, 2 years or indefinitely. There is a deferred period the policy holder can set, at the application stage, from as short as 7-days to 26-weeks.

There are variations to the terms of an income protection policy depending on the provider and also how much you can pay per month for the premium. There is also a cap of how much you can have as a claim and it is usually 60% of your net monthly income.