Things to think about when considering Income Protection, Critical Illness and Life Insurance
Article published on 15th May 2008
Things to think about...
- Do you have dependents, like children, persistently ill family members or elderly parents?
- Do you have to make regular rent or mortgage to payments?
- Do you have a means to pay bills of you are suddenly out of work?
- Do you have any savings?
- Does your employer offer sick pay (if so, for how long) or life insurance?
- What would be the financial effects - like through lose of income and death duties - if you or your partner died?
You have to be realistic when planning for insurance cover and not shie away from thinking about a topic just because you think it might be distressing or unpleasant. Life if full of surprises and some are not good ones, so better by far that we plan in advance while we are happy and secure than wait until catastrophe hits and then have to deal with financial troubles and all the stress they bring on top of whatever illness or bereavement we are having to face.
Also, the sooner you get insurance the more likely you are to have a problem free payout if anything goes wrong in your life. For instance you may find it harder to get critical illness insurance that is right for you if you already have a history of heart disease. So insurance isn't just for the already ill or at risk.
It's worth remembering that policies you find for yourself may be tailored to dovetail with existing cover that you might already have from other sources, so its worth finding out exactly what you are covered for and how.
Please feel free to contact one of our friendly advisor's for friendly free financial advice on 0808 1782 777.
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