What is life insurance?
Life insurance pays out a tax free lump sum on death, policies can be set up to cover one person or jointly for a couple. Any payout could help your family get by financially after you are gone. Life insurance is especially important if you are your family's main breadwinner. Anyone with dependent children or a partner should consider taking out life insurance.
Do I need critical illness insurance?
Critical illness insurance works similarly to life insurance and can be included with life insurance. Critical illness insurance pays out a tax free lump sum in the event of having a specified critical illness such as Cancer, Heart Attack or Stroke, any payout could be used to replace income if unable to work or pay off all or part of your mortgage. Most policies cover between 40 - 90 critical illnesses. Anyone with dependent children, a partner or a mortgage should consider taking out critical illness insurance alongside life insurance.
Level or decreasing term?
Life and / or critical illness policies can be setup as either level term or decreasing term. With a level term policy any payout remains level throughout the lifetime of the policy. When it come to decreasing term any payout decreases throughout the term of the policy to zero at the policy end date, decreasing term policies are designed to be used to protect repayment mortgages and typically costs less than level term policies.
How long should I cover myself for?
Life and / or Critical Illness policies typically run anywhere between 5 - 50 years, you may decided to pick a term long enough to cover you mortgage until it paid off or until your children are old enough to support themself on their own financially. Most insurers will accept anyone age 18-70 as long as your in reasonable health. Whole of Life policies that have no term are also available as are guaranteed over 50s policies which cover anyone over 50 regardless of their current health.
Being self employed I have always worried about how I would get by if I was off work, I seen Trade Shields advert on Facebook so I requested a quote, I was surprised how much cover I could get for a relatively low monthly outlay. It was quick and easy to set my policy up and now I have peace of mind. Mr K Steel - Electrician from Glasgow
I was introduced to Trade Shield through one of the guys on my site, I wasnt even aware that such insurance existed. I think this should be a priority for all tradesmen as the idea of no income coming in is a scary one for me. Jonathan who set my policy up was great, he made the whole process easy to understand and easy to set up I would defiently recommend them. Mr L Rutherford - Plumber from Leicster
COST EXAMPLE: Prices below based on a 35 year old non smoker with £200,000 level term life insurance over a 25 year term
Phone: 0141 391 5867
Address: 272 Bath Street, Glasgow, G2 4JR
Trade Shield is a trading style of Protect & Effect Ltd who are authorised and regulated by the Financial Conduct Authority, we can be found on the FCA register under number 587812
Registered in Scotland No SC431217. Data protection licence number Z3558865. Registered Office: 272 Bath Street, Glasgow, G2 4JR
Tel: 0141 391 5867