No-one wants to die and leave their family in financial hardship so it is important to take out life insurance to make sure your loved ones are protected should the worst happen to you. Whilst the topic of life insurance or disability insurance is not exactly an easy one to discuss, people need to realise it is crucial in any financial plan.
At Complete Financial Solutions, our team of experts are on hand to guide you through the best sort of strategy and products that are suitable for you. When it comes to insurance, you have to face facts and ask yourself some tough questions. How would your family cope if you died or could not work because of a disability? How would your loved maintain their current standard of living if you were not around? Who would they pay for your funeral costs? If you needed long term medical care, how would you cope or be able to afford the costs? So it is something you really need to prepare for – and now because none of us knows when the worst is going to happen.
There are four main types of personal insurance cover, and we deal with them all. They are life insurance, total and permanent disability insurance (TPD), Trauma insurance and income protection insurance.
Life insurance provides a lump sum payment to your beneficiaries upon your death or if you are diagnosed with a terminal illness which will cause your death within 12 months. It will help your family to cope with any debts and to try and maintain the same lifestyle.
TPD covers you should you suffer a serious and permanent illness or injury which would change your life for the worse forever. TPD insurance pays you a lump sum if you become totally and permanently disabled.
Trauma insurance is very similar to TPD but provides a lump sum of money due to illness or injury even though the situation may not be permanent.
Income protection insures you for a set level of your income – which is usually 75% of your salary – should you stop work due to accident or illness. We deal with income protection insurance in greater detail elsewhere on this website.
There are many factors you have to consider when taking out insurance such as determining a waiting period (the time you must wait before receiving any money), the benefit period (the maximum period of time you’ll receive money for per claim), whether to have stepped or level premiums, how and where to pay your premiums from, agreed value policies or indemnity policies and the list goes on…So talk to our experts who can help you plan for the unexpected.
