Have you given any thought to how you or family would maintain an income if the unexpected happened?
Insurance is designed to protect you financially against the unanticipated. It is there to protect you, your family and your assets whether that is someone breaking into your home, a destructive fire or health problems.
Despite the vast array of issues that could make you unable to contribute to your household income, recent research indicates that 41% of workers aged between 30 and 60 do not have life or health insurance.
We can help find the right plan for you, the most common types of insurance needed are:
- Life assurance
- Income protection insurance
- Critical illness cover
For most people, planning for the future means ensuring that their loved ones are protected financially in the event of their death.
Taking out a life insurance policy is the easiest way to guarantee that your family will be able to pay off any large debts such as a mortgage as well as leaving them money to live on after you’ve gone.
As with all financial planning, there are a number of insurance options available and the plan best suited to you will depend on your individual protection needs and your budget.
Despite being as important as life insurance, income protection insurance is largely being overlooked as most people don’t like to think of themselves becoming seriously ill.
According to research by Unum and Personnel Today, just 12% of employers support their staff for more than a year if they are unable to work through sickness and despite this; only 9% of those surveyed were insured to cover a loss of earnings.
For those still in full-time employment, this insurance could be a lifeline for you and your family in the event that you were unable to work due to illness.
Income protection pay-outs are usually based on 50-70% of your earnings and typically these payments will continue until you return to work, retire, or die, although shorter-term policies are also available should you need them.
Seen as a relative newcomer to the insurance marketplace, critical illness cover can give you the peace of mind that if you unexpectedly fall ill, you will receive a tax-free lump sum that could help you cope financially.
The conditions covered do vary depending on the insurer, however most tend to cover serious illnesses like heart attack, stroke, cancer and multiple sclerosis.
Unlike income protection insurance which offers regular payments to cover any loss of income, critical illness cover provides a lump sum to help you with your living costs as well as the cost of your care.