How can I protect my family financially?

A life insurance policy can either pay out a tax-free lump sum of money or regular income in the event of death of one or both parents. This money can be used to replace lost income from a main breadwinner or to cover the cost of childcare.

Do we need Family Protection?

If you, your partner or children would suffer financially in the event of the death of one of the parents, then probably yes.

I have life cover provided at work, do I still need cover?

That depends. Some clients ask us to include their work’s life cover (also know as Death in Service Benefit) when calculating any shortfalls in family protection. Others prefer to have a policy set-up independently from their workplace so as to ensure that if they change jobs or retire, they still have a policy in place specifically designed to protect their family.

I have an existing life policy, do I still need cover?

We would look at your exiting provision to confirm its suitability for your current needs and make recommendations accordingly.

I’m young and healthy, why setup family protection now?

If you have no children or financial dependents, then you probably don’t need Family Protection. We recommend family protection to individuals and couples for whom a need has been identified. We understand that when you’re young and healthy the last thing you want to imagine is premature death. The reality is that people rarely diarise a time to die. To put it another way, you wouldn’t expect to buy a new car insurance policy after a car crash, and expect them to accept a claim.

How much cover should I have and for how long?

For family protection we typically look at your family’s lifestyle and quantify the financial impact arising form the loss of a breadwinner or child carer. Policies are normally for a term which coincides with there no longer being any financial dependency. E.g., the children leave education and are financially independent.

How much does it cost?

The cost of life insurance is typically cheaper when someone is younger and in good health. As people get older and start to have more medical complications, the cost tends to rise. Contact us today for an indication on cost.

How much do you charge for providing Family Protection?

We do not usually charge a fee for advice and arranging an insurance product. We will receive a commission from the insurer and this is reflected in the premium amount you pay them. All commissions would be disclosed to you before agreeing to proceed.

Can I get it this type of cover online? Use a comparison website?

Have a look, then contact us with your quotation to see how competitive we are.

Plato Financial Services only recommend the UK’s leading Life Insurance providers based on great customer service, strong track history for claims payouts and competitive premiums.

Buying online without proper advice means you run the risk of setting up the wrong policy and / or not setting it up in the correct manner. This could mean that any payouts are subject to Inheritance Tax and / or not paid out in a timely manner.