Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well, the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.
As one would imagine, there are many types of Protection Policies to choose from; including Life Insurance, Critical Illness Cover and Income Protection.
Finding the one that provides adequate cover and the right protection is not as easy as you may think. As insurance and protection experts, we can help you find the one that best meets your requirements.
What does family protection cover?
Life insurance, critical illness coverage, and income protection are all important components of ensuring your family is financially protected in the event of death, critical illness, or loss of income due to sickness or an accident.
Life insurance or life cover can be life-changing, giving you true peace of mind. Life insurance provides a financial safety net for your loved ones by paying out a lump sum or a recurring income in the event of your death. This money can then be used to pay off debts, such as a mortgage, or to cover living expenses.
Nobody wants to think about the day that they will no longer be around. However, it’s critical to protect the things that matter, such as your loved ones, home, and lifestyle, in the event that anything unexpected occurs. Life insurance can provide some peace of mind. It’s simple and quick to set up. It also doesn’t have to be costly. If you pay a monthly premium, your family will get a cash pay-out if you die within the policy’s term.
If you’re diagnosed with a terminal illness, you’ll get it sooner to alleviate financial worries (dependent on the terms of your policy).
Critical illness insurance provides a lump sum payment that can be used to pay off your mortgage or give financial assistance during a period when you are unable to work.
Even without a mortgage, you’d still require insurance to pay your rent and other utility payments. Most plans now include financial aid if you are diagnosed with a less serious condition, in addition to critical illness coverage for cancer, heart attacks, and strokes.
As a critical illness plan does not cover a temporary leave from work, income protection should be arranged. If you are unable to work due to an accident or sickness and are incapacitated, income protection pays out a monthly income.
Should I consider purchasing family protection?
Even if you don’t have a family or a mortgage, you should think about protection! Most people rely on their salary to pay for everything. How would they or their family pay the mortgage or rent, utility bills, school fees, and holidays if that income stopped due to unforeseen circumstances?
Our experts are able to help you determine what protection you require, so contact us today for assistance.