Protection is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death or diagnosis of critical illness of an insured person.
Life and critical illness insurance
Protect your loved ones against financial hardship should you die.
Life insurance policies pay out if you die within a specified period. This is usually the cheapest way to provide financial protection for your family in the event of your death. There are many different types of life insurance that might be appropriate which is why it is important to speak to an advisor.
We can discuss with you:
- How much life insurance you need.
- How long you want the cover for.
- What the right life insurance is for you.
- Why do I need it?
Losing a loved one is never an easy thing to deal with but adding financial burden to the grief is likely to make coping even more difficult. Receiving a lump sum of money can help to support your family after you die. Some of the main reasons to take out life insurance include:
Mortgage Repayment – would you like this debt cleared should you die?
Replacing the main salary – can the family still maintain the monthly bills and food if the main salary is taken away?
Education expenses – would you like to make sure that your children can still afford to go to University after the death of the main earner?
Critical Illness Cover
Protect yourself and your family should any of you be diagnosed with a serious illness.
What is it?
Critical Illness insurance will pay you a tax free lump sum on diagnosis of any one of a wide range of specified illnesses including certain types of cancer, heart attack, stroke, brain tumour and many more. Critical Illness policies vary greatly in the cover they offer. A basic plan covers the most serious conditions, while a comprehensive plan covers many more including hearing loss and total permanent disability.
Why do I need it?
Diagnosis would be a major trauma for you to cope with, but all of your financial commitments would still need to be met. How long would you need to be off work? Will your employer pay you while you are off? If so, for how long? What if you are unable to return to work?
Remember, any life insurance you may have won’t pay out unless you die or are diagnosed with an illness which will be terminal within 12 months.