At The Key Worker Group, we are committed to ensuring your protection needs are looked after. With our expertise and understanding of your death in service and pension benefits we are well placed to conduct an honest and frank review of your needs and requirements and will ensure we use this information to make sensible, well thought out recommendations.
Whether Police Officer, Firefighter, Paramedic, Nurse, Doctor, NHS Staff, Teacher, Teaching Assistant or any other key worker or government role, your pension contributions are normally higher than your non-public sector peers and it is important to understand what this means for you in terms of death in service cover and how your family will be protected in the event of death.
The most basic and simple type of cover offered but often the most vital is life insurance. Life insurance specifically pays out an agreed sum if the insured person dies within a specified and contractually agreed time frame. Life insurance is often tied to a mortgage to ensure the remaining balance is paid off in the event of death to ensure the surviving partner or dependants do not have to sell the home. However, even if you don’t own a home but have dependants, then life insurance could ensure your beneficiaries receive a lump sum payment when you die. Life insurance normally runs to a specific age or term that is agreed at the start of the contract. However, each client is different and will have different forms of employer protection running in the background, meaning a personalised review is vital.
Family Income benefit (FIB) is a type of life insurance that protects your family in case of your death; the difference between this and basic life cover is that this type of policy pays out a tax free sum on a monthly basis to replace your income moving forward. Family Income Benefit suits families with young children where only one parent is in work, as the policy pays out monthly it is a direct replacement for a salary in the unfortunate event of a working parent’s death. You can combine FIB with Critical Illness cover to meet your needs and circumstances; please contact us for a no obligation insurance review.
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