Life Cover Case Study

Life Cover Case Study

Life Cover, more commonly known as Life Insurance is a type of insurance policy that ensures financial support for your loved ones if you die and are suddenly no longer able to work.

If you are covered by a life cover policy, then a one-off payment will be made to your family, and depending on the type of policy you have, this financial support should be able to provide a sense of security for your loved ones.

Life cover policies can be a well needed lifeline for grieving families and most people are eligible until they’re 74 or 75; so it provides a safety net for you and your family well into your later years of life.

Howard’s Life Cover Case Study

The following is based on experiences from our clients.

Howard sadly passed away following a sudden illness at the age of 47. He had a family of three with a wife and two boys and was in good health at the time the terminal diagnosis was confirmed.

Thankfully, Howard had done some financial and contingency planning a few years prior and already had a life cover policy. After his unfortunate death, a lump sum was paid out to his wife, Rachel, enabling her to pay off their mortgage, and work reduced hours to part-time, ensuring she had more time to look after their two boys, Thomas and Elliot.

The payment from their life cover gave Rachel the financial stability to support Thomas and Elliot for the foreseeable future without sacrificing any family time. The life cover pay-out also served as a reassurance during the period of grieving and helped Rachel, Elliot and Thomas to focus on celebrating Howards’ life instead of worrying about their futures.

When Should I Apply for Life Cover?

Life cover advice states that it is sensible to apply for life cover as early as possible in order to secure your family’s future financial stability.

As life cover gets more expensive with age, It is even advised that students and young working professionals are covered by life cover. This is because regardless of your situation, life is full of uncertainties and insurance is one of the most effective ways to plan for any contingencies.

Why do I need Life Cover?

As mentioned earlier, life cover can provide a well needed safety net that can be reassuring for yourself and those closest to you in case the worst happens. Mortality becomes more of a concern with age but it’s also important to account for unexpected circumstances and sudden illnesses.

Whilst your employer may offer you some form of life cover, it is important to consider if the amount of cover would meet the needs of your family.

The Office for National Statistics has stated that in the last three years, 22-25% of all deaths were considered avoidable. This does not account for unexpected health conditions or other threats of mortality.

According to The Economist, life expectancy in the UK rose steadily from 1980 to 2011 but it has since drastically slowed and decreased at times. They also claim that “Between 2012 and 2022, those 26 months of lost life expectancy in Britain represent approximately 700,000 more deaths than might have been expected back in the early 2010s”.

Life Cover and Life Insurance Policies at Hansford Bell

We understand the importance financial stability during periods of mourning a loved one and have developed comprehensive policies that provide reliable life cover. Here at Hansford Bell, we offer no-nonsense life cover guidance for clients.

Life cover helps cover all your family’s costs and needs while also providing a well needed safety net that gives you piece of mind and can help to secure your families’ future.

Our highly knowledge team of life cover experts is happy to help see if you are eligible for life cover and find the right insurance solution for you.

A Fresh Approach to Financial Planning and Advice.

Hansford Bell aren’t your average team of financial specialists. We take the time to get to know our clients and help them realise what they want from their life, whether that’s a personal ambition or a financial goal.

Our planners are highly experienced and know the industry inside-out. We combine simplified, straight-forward tips and guidance with cutting-edge technology and a comprehensive understanding of your situation. We focus on your finances, so you can focus on living your life.

Want to know more? Talk to us today and we can start making that dream future a reality!