Most people are happy to insure their cars, their homes and the content of their homes.
Often, the family pet is insured!
Is the same value placed on owners?
As a nation of animal lovers have we afforded our pets with more consideration?
Isn’t about time you protect the most important thing;
Life assurance can be an important safeguard, but not everyone needs it: it pays out a lump sum on death so if you are a single person with no dependants then it may well be a waste of time. After all, unless you are in significant debt, you are leaving no financial burden.
For the main breadwinner in a family with small children, however, the need is very obvious. Take away that main income unexpectedly and the financial stability of the family could be seriously affected, adding to the worries at an already stressful time. It is therefore important to carefully consider your own situation. And not just life cover but also what affect it might have if you were unable to work for a period of time.
Regardless of whether you are single or you have a small army of dependants, if you are suddenly unable to work, your income disappears. Yet, while many of us cover our lives to protect our families, very few take the time to protect our health.
An Income Protection Policy (IPP) is designed to relieve the worry of meeting the essential expenditure or the need to use savings or get into debt. IPP also known as Permanent Health Insurance provides a regular monthly income to the policyholder if they are unable to work due to accident, sickness or disability.
Critical Illness Cover
Critical illness cover is a form of insurance which pays out a lump sum if you are diagnosed with one of a specific set of serious illnesses. The illnesses covered are the kind which will have a significant impact on your lifestyle or require it to change and, for example, generally include a heart attack, stroke and debilitating forms of cancer.
Critical Illness Cover is designed to pay out a lump sum to cover immediate expenses such as; travelling to and from hospital; adaptions to the home or car; to pay off a mortgage; or even undertake a less stressful, lower paid job.
Modern medical science means that more and more people are surviving after suffering from a critical illness. CIC is similar to Life Assurance but pays benefit whilst policyholders are still alive and recovering.
Imagine, during a very upsetting time after being diagnosed with a critical illness, being able to clear the mortgage, possibly the biggest expense out of the family’s budget. Or, being in a position where a period of recuperation can be taken rather than rushing back to work to earn money to pay the bills.
Until the next time.
Paul Hoskin from Hoskin Financial Planning
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