Protection basically means being protected against unforeseen life events. This is why it is important to make sure you have the right insurance in place to give you and your family peace of mind that you or your loved ones can remain in your home if the unthinkable happened.
These are some of the areas I will provide advice on to ensure you, and your loved ones, are financially protected:
- Life Insurance
- Income Protection
- Critical Illness cover
- Buildings and contents insurance
Life Insurance Cover
Life insurance pays a cash lump sum to the people of your choice upon your death. You can decide if this is to be paid to your partner, family or other loved ones.
The amount of money paid will depend on the amount of cover chosen, and can give you the peace of mind your loved ones are financially taken care of, in the event of your death.
Critical Illness Cover
Critical illness cover provides a lump sum if you were to be diagnosed with a critical illness covered by your policy. This pays out a cash lump sum and can be used for any purpose, such as covering medical expenses, paying off a mortgage, or handling everyday living costs.
Commonly covered illnesses include cancer, heart attacks, strokes, and Parkinson’s disease. The specific illnesses covered can vary per policy, so its important to check the details of your plan.
Income Protection Insurance
An income protection policy will pay out a regular income if you were to suffer a long-term illness or suffer an injury and be unable to work.
It would typically cover a percentage of your gross income, ensuring you have enough financial support during your recovery period.
This insurance can be particularly beneficial for self-employed individuals, or those without substantial sick pay from their employer.
Building and Contents Insurance
Building insurance will cover the structure of your house and any permanent fixtures and fittings like kitchens and bathrooms. It is mandatory to have a buildings insurance policy when you have a mortgage on the property.
Contents insurance will cover your personal belongings and depending on the level of cover purchased, can cover you for personal belongings taken out of the home.
Building and contents insurance cover can be purchased separately or as a joint policy from the same insurance company.
