e.g. Private aviation, Scuba Diving etc

The last couple of weeks have seen me quoting an above average number of Life Protection and Business Protection terms for individuals that participate in hazardous pastimes including flying helicopters and scuba diving.

Contrary to popular belief amongst participants in these activities, there can actually a very real risk of injury with some activities, and many participants have previously struggled to obtain life cover and critical illness cover because of this. In fact some clients have simply not bothered trying because they did not believe they would be able to obtain cover full stop.

Well, this simply isnt the case! there are obviously cost implications for certain hazardous pastimes, but by asking the correct questions and getting the correct underwriting assistance there is still a very competitive market within certain mainstream life insurance companies.

The benefit of our being independent means that we are able to approach the medical underwriters of all the life insurance companies to secure fair rates! Different companies treat hazardous activity loadings in differing degrees and sometimes it means researching several companies before submitting applications, or even submitting multiple applications, and sometimes avoiding what may appear at first glance to be the best value.

Allow us to do the leg work for you! so if you or any of your contacts have had problems in the past, or simply havent tried, then please pass on my details and I will see what I can do.

Shane Beardsley

I read an interesting article recently about the improvements to certain providers critical illness definitions, and it started me thinking about critical illnesses in general, I mean, if someone is diagnosed with one of the many terrible illnesses listed on all the documents that arrive in my offices each day it must feel absolutely awful, and I cant belittle it in anyway, but if you actually analyse them, there are many of those illnesses that whilst they will probably render you unable to work, at least for a while, and in some cases render you unable to work again, how many of them will actually kill you? the answer is not many! for example loss of sight or hearing, loss of limbs, third degree burns to mention a few.

Someone once said to me that getting a critical illness was actually worse than dying! I cant say I necessarily agree with that statement, but, how long would an employer actually pay your wages for if you were taken ill with a serious critical illness? and if you have a mortgage protection plan that only pays on your death, but you dont die; what will you do when your savings run out? and with a massive proportion of the country having less than 500 GBP in savings the outlook can be quite bleak.

So for the sake of what can often be a small monthly outlay, why burden yourself and your family with that worry?

If you feel that you would like to review this, please contact us on 01482 658989, or email me on shane@kirkellainvestments.co.uk and I will arrange for an adviser to contact you.

Shane Beardsley
Managing Director / Independent Financial Adviser

GREAT NEWS! There’s now a one in five chance of you winning the lottery before you retire.  Getting excited? Do you think it’s just a matter of time before you win? Think again, it’s not going to happen – but it did get you thinking!

Now think of the same odds, but this time about bad news. There is a 1 in 5 chance for men and a 1 in 6 chance for women that they will be diagnosed with a long-term critical illness. Sorry – this time it’s true.  The average age for a claim is 47.  How many reading this blog are 47 or over?

Insurance cannot change those odds but it can alleviate the potential financial wreckage caused by being unable to work through long-term illness and still having a family and home to support.

Convention declares that every good family man or woman should have life insurance. It’s easily understood, it’s accepted and your next door neighbour has it too. But what about critical illness insurance? You’ll have to walk several streets to find someone who has it. Given the odds, why? After all it pays out a tax-free lump sum immediately an insured critical illness is diagnosed.

Is it time for a review?

If you want to discuss this or any other matter please do not hesitate to contact us for a financial review.

Did you know that every year hundreds and thousands of people die or become critically ill with little or no life insurance because they simply didn’t think it would happen to them?

It is a simple fact that nearly every single “respectable” person will insure their car AND their home because they HAVE to, but when it comes to insuring themselves against death and critical illnesses its just another thing they will get round to sorting out sometime in the future.

We are here to help individuals and companies understand the implications of their inactions, and where possible help to minimise the financial hardship associated with the loss or disability of a spouse and loved one.

If you want to discuss this or any other matter please do not hesitate to contact us for a financial review.

Shane

The protection price war has seen the cost of life cover more than halve in the last decade. 

Average term assurance premiums have fallen by 53% for men and 48% for women since July 1998, (It is interesting to note at this point that rates for non-smokers are also around 35% cheaper than the equivalent cover for a smoker.)

Anyway, longer life expectancy coupled with increased competition in the term assurance market has driven prices down to all time lows.

The price drops over the last decade have meant that an potential average saving in excess of £3000 over a typical 25-year term can be obtained, and obviously what this means is that those of you that haven’t reviewed your existing cover may well be paying well over the odds for your cover.

Visit our Life Protection Page for more info, or contact us to review your life and critical illness protection arrangements.

Shane.