Q The recent flooding has made me worry a lot about how my family would cope, financially, if I was killed in a natural disaster. What can we do to alleviate these worries?
A Natural disasters often focus our minds on the financial impact of death. To give yourself real peace of mind, you can put insurance in place that would pay a benefit (known as a sum assured) to your family if you were killed. There are a few different types of life assurance policies to consider.
The most basic, and cheapest, form of cover is called term assurance. This provides life assurance cover at a set level for a set time. There is no investment element to consider, which reduces the complexity and keeps the costs down.
Before you put some life assurance in place, it is worth carrying out a thorough review of your finances to determine the right level of cover for you and your family. This is often done in conjunction with some 'estate' planning to consider your wills and enduring powers of attorney.
Speak to a specialist advice and you will certainly sleep easier at night.
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