Understanding Personal Insurances:
Protecting Your Income, Mortgage, and Family
Personal insurances are designed to safeguard you and your loved ones against financial hardships that may arise due to you not being able to work because of unemployment, sickness, and/or accident, being diagnosed with cancer, suffering a heart attack, stroke or any other specified serious / critical illnesses, a terminal illness or sudden death. These insurances provide a financial safety net, ensuring that your income, mortgage, and family’s well-being are protected during challenging times.
Here are the top 7 questions customers ask when looking to protect their income, mortgage, and family with personal insurances:
01What is life insurance?
Life insurance pays out a lump sum to your beneficiaries if you are diagnosed with a specified terminal illness or pass away during the policy term. It ensures your family’s financial stability by covering living expenses, mortgage repayments, and other essential costs.
02What is critical or Serious illness cover?
Critical illness cover provides a lump sum payment if you’re diagnosed with a specified critical or serious illness, such as cancer, heart attack, or stroke. This payment can be used for medical expenses, mortgage payments, or to replace lost income during your recovery.
03What is income protection insurance?
Income protection insurance pays a monthly benefit of up to 65% of your salary for a period if you’re unable to work due to illness or injury. It ensures you can continue to meet your financial obligations, such as mortgage payments and daily living expenses, while your off work.
04How does terminal illness cover work?
Terminal illness cover pays out the life insurance benefit if you’re diagnosed with a terminal illness and given a life expectancy of less than 12 months. This can provide financial support for medical treatments and ensure your family’s needs are met during a difficult time.
05Can I have multiple types of personal insurance?
Yes, you can have multiple types of personal insurance. Many people choose to combine life insurance, critical illness cover, and income protection to create a comprehensive safety net that addresses various potential risks.
06How much cover do I need?
The amount of cover you need depends on your personal circumstances, including your income, mortgage, debts, and family expenses. A mortgage adviser can help assess your needs and recommend the appropriate level of cover for you and your family.
07How much do personal insurances cost?
The cost of personal insurances varies based on factors like your age, health, lifestyle, and the level of cover you choose. While premiums can vary, the peace of mind and financial security provided by personal insurances are invaluable.
Personal insurances are essential for ensuring that you and your loved ones are protected against the financial impact of unexpected events. If you have any questions or need help finding the right cover, reach out to me for expert advice and personalized solutions tailored to your needs.