Many of us assume that protection and life cover are only important if you have
a family or a mortgage to pay off. In reality, we all could benefit from peace
of mind – whether insuring against loss of income or ensuring your family is
provided for should the worst happen.
Finding out which type of protection insurance is right for your circumstances
and which protection policy provides the best cover for the best price is not
always easy, which is where independent financial advisers can add real value.
Life insurance is the most common form of protection. There are three main
policies available:
life insurance,
life assurance and
whole of life. As with most protection policies, life premiums can be
guaranteed or reviewable, so the small print detail needs to be checked
carefully to avoid paying high premiums later on.
When buying a house, many lenders will insist you take out mortgage life
insurance to cover the outstanding mortgage if you die or fall terminally ill.
For those worried about mortgage payments if they were unable to work due to
accident, sickness or unemployment, mortgage payment protection insurance
covers the monthly repayments.
Similarly income protection pays out a monthly sum should you be off work for
30 days or more to help cover your living expenses, whether or not you are a
homeowner.
In the event of a chronic, long term illness, a more comprehensive form of
insurance and protection called critical illness helps cover living costs,
medical bills and so on. These protection policies tend to be expensive, but
most forms of protection cover can be combined to cut costs.
To search My Local Adviser for
protection advisers click here.
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