When you took out protection – be it life insurance, Critical Illness Cover or Income Protection – you probably focused on the important financial safety net it provides if you die, become critically ill, or can’t work because of illness or injury.
You might not realise it, but protection may benefit you in other ways too, even when you’re fit and healthy. Lots of insurers offer valuable extras, which can help you to save money and improve your wellbeing.
From gym discounts through to free legal advice, there are several perks to look out for. Here are five of them.
1. Gym discounts
Some insurers offer discounts on gym memberships, enabling you to get fit at a fraction of the cost.
Aviva offers up to 25% off membership at a wide range of health clubs around the UK. Simply type your postcode into the search bar on Aviva’s Get Active website and it will show what’s available near you. Some of the fitness chains include Nuffield Health, Curves and LivingWell.
Vitality offers eligible life insurance members 40% off monthly gym membership fees at Virgin Active, Nuffield Health and David Lloyd. It also offers discounts on selected running shoes and activity trackers.
2. Mental health support
Free counselling sessions could be a lifeline if you’re suffering from mental health issues.
Insurers such as Royal London and Legal & General work with a company called RedArc, which enables you to get emotional and practical support from a dedicated nurse. They can support you if you’re suffering from a mental health condition, serious illness or bereavement, as well as arrange second medical opinions.
There are other types of counselling services too. For example, AIG Life offers a mental health support service that provides personalised care from a team of specialist professionals. This could be a one-off consultation or up to four therapy sessions. It’s designed for people who need help in coping with stress, anxiety, trauma, depression or a recent bereavement.
If you’re ever struggling with your mental health, it’s worth checking whether your protection provider offers support.
3. Free cover for children
Many providers let you insure your children against critical illnesses, such as certain types of cancer, diabetes, heart disease and stroke. Sometimes, this cover is automatically added to your own Critical Illness Cover for free.
Your child becoming seriously ill is every parent’s worst nightmare. You probably don’t even want to think about it, however, Children’s Critical Illness Cover could provide an essential financial safety net if the worst happens. You could use the lump sum to pay for medical expenses or cover the income you lose while caring for your child.
Usually, the amount of money you receive is defined as a percentage of your own Critical Illness Cover with a cap of, say, £25,000.
Children’s Critical Illness Cover may come with additional benefits. For example, Legal & General pays out £5,000 if your child is admitted to hospital for a minimum of 28 consecutive days following an accident.
4. Access to legal advice
At some point in your life, you’ll probably need legal advice. Insurers such as LV= provide free access to a team of legal advisers and executives. They can advise on a wide range of legal matters, including property-related issues, wills and probate, matrimonial conflicts, and employment law.
This type of legal advice is available whenever you need it – not just when you make a claim.
According to LV=, the average ‘charge-out’ rate for legal advice is between £180 and £250 per hour, so you could save hundreds, if not thousands, of pounds.
5. Help paying for a funeral
Occasionally, insurers aren’t able to pay a life insurance claim immediately because there are delays in receiving the required paperwork. This could be because probate is yet to be approved and the insurance wasn’t held in trust.
These delays can make it difficult for family members to pay for the deceased person’s funeral. According to Dignity, the average cost of a burial funeral is £5,000, and the average cost of a cremation is £3,986. The actual price will depend on things like the location, type of service, funeral director fees, and extras such as catering for the wake.
Several insurers have signed up to the Protection Distributors Group’s Funeral Pledge, which requires them to advance at least £5,000 to life insurance claimants to cover the cost of funerals while the claims paperwork is completed. Some insurers advance up to £10,000.
This payment could alleviate any financial worries your loved ones may face during a very difficult time.
Get in touch
Protection provides peace of mind that you and your loved ones will be protected against financial shocks. The extra perks can benefit you and your family today, potentially saving you money and boosting your physical and mental health.
If you want to have a chat about protection, please get in touch by emailing email@example.com or calling 0330 320 5048.