Many families would have to reduce their living costs in order to survive financially in the event of the main income provider falling ill or dying prematurely. Family protection can be set up to pay a lump sum or a regular income on death or diagnosis of an illness of a family member.
Some examples of the plans available to provide for you or your family are:
- Life Cover – This cover pays a lump sum on early death or diagnosis of a terminal illness that meets the plan’s definitions during the term of the plan.
- Critical Illness – This is designed to pay out a lump sum of money on the diagnosis of a critical illness i.e. cancer, heart attack or a stroke.
- Income Protection – The is intends to replace your income if you are unable to work for some time or permanently. This type of plan will typically cover a portion of your income to pay essential bills and help ease the financial burden.
Some common scenarios where protection may be appropriate for you:
- You are about to purchase your first home or have an outstanding mortgage.
- You are employed or self-employed and want to ensure that if you were unable to work for a long period, you would have the security of an ongoing income.
- You have a young family and are worried that in the event death or serious illness your family’s financial security and wellbeing would be affected.
- You are in the later years of life and want to ensure that on death, your spouse, partner or family are provided with enough capital to cover funeral expenses.
Protection is not just for those who have a family. It is just as important to protect your finances and income in the event of serious illness or incapacity.
We work with you to identify your areas of need and recommend the most appropriate solutions to protect your financial security and family wellbeing.