When you’ve worked hard to achieve the lifestyle you want for you and your loved ones, it’s reassuring to know that lifestyle could continue for your family if something happened to you. But it’s all in the planning.
With the right combination of life insurance and protection plans, you can be reassured that you or your loved ones could maintain a similar quality of life during or after an unfortunate event.
Critical illness insurance reduces your financial burden when diagnosed with one of the specified critical illnesses or disabilities during the period of coverage. The critical illness plan is usually effected on a stand-alone basis or included as an optional benefit (also known as a rider) to a life insurance policy.
If you were to die, the proceeds from an insurance plan could be used towards clearing off any debts, covering expenses, providing a future college education for your children and generally easing the stress for your family at a difficult time. There are three main types of life insurance plans.
Whole of life (permanent) insurance: This provides life-long protection, as premiums can be paid throughout your lifetime. Upon death, or in the event of total and permanent disability, the policy may pay out the greater of the sum insured or the value of any underlying investment values.
Level term assurance: Level term assurance provides protection for a fixed time period. A term policy may pay out the sum insured upon death within the term.
Decreasing term assurance: This provides a death benefit that decreases at a predetermined rate over the life of the policy. The premiums are usually constant throughout the contract, and reductions in the policy pay-out will typically occur annually. This may also be called Mortgage Life Insurance.
With the rising costs in health care, getting yourself a health insurance plan ensures you and your family are financially protected in the event extensive medical care is required as a result of an accident, illness or disability. Health insurance usually provides coverage for medicine, consultations with doctors, visits to the emergency room, hospital stays and other medical expenses.
Although many people receive health insurance from their employers, it’s important to check what the coverage is and if it’s enough. With the many different plans available, it is essential to pick a policy that will meet your protection needs.
Most people recognise the need to save and build wealth for future key lifestyle needs and goals. But what about protecting your own ability to earn a living for yourself and your family?
Income protection can be used to help bridge the gap if illness or injury stops you from earning; providing an income for you and your family.
Contact us today to discuss your protection needs.
