Ensure your loved ones are financially secure should anything happen to you.
We appreciate that although we all need to fully protect ourselves and our families, it sometimes appears unaffordable. We take the view that a percentage of something is better than nothing. We would rather you have some cover in place than none. We can tailor your budget to meet your needs. We will always give advice based on the correct amount of cover that you should have, but it is important to understand that this can be adjusted to meet a set budget.
WHICH PROVIDER?
Sadly, we all very much get what we pay for and financial protection is no exception. We have years of experience in arranging and advising on various policies. We carefully select providers who we believe reflect the needs of our clients. We openly explain to clients that we do not source or choose providers on cost alone. We look at the financial stability of the provider, claims payout percentages, claims handling procedures, additional benefits and customer service as well as competitiveness of premiums. This is paramount to Lilac Tree Financial’s core ethics.
KEEPING YOUR COVER
We go to great lengths to ensure that you understand why you need a particular cover. This in turn helps to ensure that you keep the cover we have worked hard to provide you with. It is totally pointless taking out such a policy if you keep it for 11 months then cancel the cover as you would have wasted premiums. We hope that by understanding why the cover is important to you, this will ensure that you keep the cover in the first place.
DO I NEED LIFE ASSURANCE?
THERE ARE A LARGE AMOUNT OF PEOPLE IN THE UK WHO EITHER HAVE INADEQUATE OR NO LIFE COVER. THERE ARE MANY REASONS WHY PEOPLE CHOOSE NOT TO TAKE OUT INSURANCE, HERE ARE SOME OF THE MOST COMMON.
- I have no dependents so therefore i don’t need to take out life cover.
Life assurance may not be the right cover for you but you may want to consider a policy that protects you should you lose your income due to illness or injury.
– - I have insurance through my employer.
These types of cover can be limited and it is important to remember that you are only covered by these policies whilst you are employed. Should you change jobs you are no longer protected. The pay outs from these policies can also be a lot less than you think so we advise you to review your cover with us and make sure the policy meets your needs.
– - I took out insurance when I bought my house.
Depending on how long ago you brought your house, you may want to review your insurance. A lot changes over the years so regular reviews are important, to ensure that your cover still meets your current needs and that you aren’t paying too much for your premiums.
– - My family would help me if i was in financial difficulty.
Your family may be able to help and support you for a short term, but with mortgage repayments and the cost of living, a policy that could provide you with a monthly income, should you be unable to work which would take away the pressure and uncertainty.
– - I don’t need to worry about insurance yet, I can sort that out when I’m older.
If you need cover you should have it. There is no better time to protect yourself than now. If you are young, fit and healthy your premiums will be cheaper. You can take out fixed cost policies that will guarantee the price of your premiums stay low up until the end of your cover.
– - I don’t need cover, I have savings I can use.
You may have money saved, but how long would this money last if your income was to stop? Why eat into your savings anyway? By taking out the correct policy, a payout (should you be unable to work) will cover your outgoings and lifestyle costs and also allow you to keep your savings safe for the future.
WHAT LEVEL OF COVER DO I NEED?
WHAT LIFE ASSURANCE DO YOU NEED?
THERE ARE MANY DIFFERENT TYPES OF INSURANCE, WE CAN HELP YOU DECIDE WHICH ONE IS RIGHT FOR YOU…
LEVEL TERM LIFE ASSURANCE
A Level Term Assurance pays out a pre set sum in the event of your death. The amount of cover stays the same throughout the length of your policy and the cash lump you receive is tax free.
DECREASING TERM LIFE ASSURANCE
This type of insurance also pays out a cash sum should the worst happen, but unlike the level term life assurance the amount decreases over time. These policies are usually taken out alongside a mortgage so as you repay your mortgage and the amount left outstanding decreases, so too will the pay out of your policy.
FAMILY INCOME BENEFIT
Family Income Benefit pays out in the event of your death, but instead of receiving a lump sum, it is designed to replace your income, so until the end of your policy the beneficiary will receive a monthly tax free amount.
You can tailor this type of policy to fit your family’s needs. This can be done by running the policy until your children become adults and also by factoring in inflation, ensuring the payouts hold their value in the current financial climate.
CRITICAL ILLNESS
Critical illness insurance is designed to pay out a tax free amount should you be diagnosed with a serious or long term illness.
We will help you look into what the policy actually covers as the cheaper ones do not always cover certain illnesses but more comprehensive ones will.
INCOME PROTECTION
This policy is designed to cover a percentage of your income if you are unable to work due to sickness or an accident. it has pre set terms that decides the amount of time that passes after you are unable to work before it pays out.The policy then continues to pay out until you either return to work, reach retirement or you come to the end of your policy.
This policy covers three ares, accident, sickness and redundancy, you can take out income protection to cover you against just accident and sickness or all three.
For Accident sickness & unemployment insurance we offer products from a selected panel of providers.
Interested in the next step?
Our advisers are available to offer one to one advice Monday to Friday, 9am-5pm.
Please call 01684 561901 to arrange a time where we can sit down and discuss your options.
Or alternatively you can request a call back by filling in the form below.
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