This is an area of financial planning that is often overlooked but it is important for your peace of mind.
It enables you to minimise the effects of unexpected and often unwelcome future events, and helps you to organise your personal and business life with greater confidence.
Each product has its own specific purpose, and it’s crucial to grasp these differences so you can choose the right one for your needs.
Here’s a breakdown of each:
1. LIFE INSURANCE
This product is designed to provide financial support to your beneficiaries if you pass away. It can help cover things like your mortgage, debts, or living expenses for loved ones. Life insurance can also give you peace of mind knowing that your family will have some financial security if you're no longer around.
2. CRITICAL ILLNESS COVER
This type of cover gives you a lump sum payment if you're diagnosed with a serious illness such as cancer, heart attack, or stroke. The money can be used for medical treatment, recovery costs, or anything else you might need during your recovery. It’s particularly useful if you want to ensure that you won't have to worry about finances if a health crisis strikes.
3. INCOME PROTECTION
Unlike life insurance, this policy is designed to provide you with a replacement income if you're unable to work due to illness, injury, or disability. It typically pays out a percentage of your regular income and can continue for a certain period or until you recover or reach retirement age. It's ideal for protecting your financial stability if you're unable to earn an income.
Understanding what each of these offers is key to making an informed decision. MORTGAGE MATTERS will guide you further to tailor the options based on your specific needs and priorities!
