The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. With this in mind, it makes sense to periodically review your cover with the help of a professional financial adviser. Life and Protection Insurance policies can protect you and your family from the financial consequences of death, a serious accident, illness or unemployment.
It’s also important to ensure you put the right insurance in place to protect your home, it’s contents and your overall financial security.
Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die. Although money can’t replace a loved one, it can help those left behind to weather the financial storm. For example, it could pay off the mortgage or provide an income to help cover regular household expenditure.
This type of cover can pay out a (tax-free) lump sum on the diagnosis of certain life-threatening or debilitating illnesses, or if you have to undergo certain types of surgery.
Income Protection Insurance is designed to pay you a regular tax-free monthly income if you become unable to work due to illness or injury.