Life insurance is a way to help protect your loved ones financially, if you were to die during the term of a policy. A good policy will also help your family deal with everyday money worries such as household bills and childcare costs. They will also be covered for mortgage repayments.
Many people don’t like to think about this type of insurance, as it means thinking about the inevitable and a lot of the time it sounds more complicated than it really is.
Critical Illness Cover
Critical illness cover is a type of insurance that pays out a tax-free lump sum if you’re diagnosed with a specific medical condition or illness listed in your policy.
It's designed to help support you and your family financially while you deal with your diagnosis – so you can focus on your recovery without worrying how the bills will be paid.
Income Protection, also known as IP insurance, helps support you financially if you have time off work and suffer a loss of earnings because of injury or illness.
People often think about taking out Income Protection Insurance when they’re self-employed and don’t receive sickness pay, or rely on their health to make a living.
In addition to these there are many other insurance and protection solutions out there which may be better suited to your requirements including:
Accident, Sickness and Unemployment Insurance (ASU)
ASU is designed to provide you with financial protection in the event you are unable to continue working because:
- You have lost your job through no fault of your own.
- You become ill and are too sick to work
- You are injured and unable to work.
You will typically receive a proportion of your income for up to 12 months which can then be used to help cover your monthly outgoings.
Personal Accident and Sickness Protection (ASU)
This protection provides a lump sum or income benefits if the insured suffers an accident or falls ill.
Mortgage Payment Protection (MPPI)
Mortgage Payment Protection Insurance (MPPI) is designed to cover the cost of your mortgage payments in the event that an accident, sickness or unemployment stops you from working.
Private Medical Insurance (PMI)
Private medical insurance (PMI) is an insurance policy designed to meet some or all of the costs of private medical treatment.
Long Term Care Insurance (LTCI)
Long term care insurance (LTCI) provides the financial support you need if you have to pay for care assistance for yourself or a loved one.