Your income is your most valuable asset. In the event that you are unable to work due to illness or injury, permanent health insurance will pay out an income until you are able to return to work, or until your normal retirement age, whichever comes sooner. The payment will commence after a set period of time, known as the ‘deferred period’.
Family Financial Protection Planning
One of the most important aspects of financial planning is ensuring you’ve made provision for your family and any dependants in the event of a serious illness, injury or untimely death.
When it comes to protection provisions, there is a wide range of products to choose from. Having transparent advice to help navigate this complex marketplace will give you peace of mind, particularly given the potentially serious financial consequences for you and your family.
Types of protection policies include:
Term assurance
Term assurance is a policy that is designed to financially protect your loved ones in the event that you pass away. It pays out a lump sum or an income on death that can be used to supplement the loss of income to the home. How much you need is completely dependent on your personal circumstances. If you are self-employed or an employee in non-pensionable employment, you can take out a term assurance policy via a ‘Pension Term Assurance’ policy and the premium is tax-deductible.
Mortgage Protection
Mortgage protection is a life assurance policy that covers the balance of a mortgage should you or any joint holders of the loan die before the mortgage is paid off. Putting a mortgage protection policy in place is a legal requirement when you take out a mortgage, and in many cases the bank arranges the policy for you which is always more expensive than using a broker.
Serious Illness Cover
Serious illness cover pays out a lump sum in the event of being diagnosed with a specified serious illness listed within the policy conditions. The lump sum can be used in whatever way you desire, for example, paying off medical expenses or to supplement income for a number of years.
Permanent Health Insurance (Income Protection)
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