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21 Nov 2024
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Now is the time to consider life cover, consumers urged

Families whose main breadwinner's life or earnings are unprotected have been advised to take out cover in light of the current economic climate.

Reviewing finances is vital in the current environment and life cover and income protection cover are two of the areas consumers should be looking at, according to the Daily Express.

Obtaining this cover is especially vital for those with dependants or a partner, Neil Thomas, director of financial adviser Simpsons of Brighton, suggested.

He told the newspaper: "If a partner or children depend on your income, protect them with family life insurance. Otherwise they could lose everything when you die, including the roof over their heads."

"Alternatively, income protection pays a regular income if you fall ill and can't work. It continues until you are fit enough to return, or reach retirement age."

Consumers should also consider protecting themselves with critical illness cover, which the publication said provides a tax-free lump sum if diagnosis of a serious condition, such as some types of cancer, is made.

Damian Clarkson of MSN Money recently advised consumers to ensure they take all factors into consideration when obtaining cover to ensure they get a product that meets all their needs.

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Now is the time to consider life cover, consumers urged