A protection policy is a type of insurance that can help protect you and your family from various types of unexpected events, such as critical illness and premature death. It can also help you manage your financial future. It’s important to review your protection needs regularly to ensure that you have the appropriate protection.
Income Protection:
We work to earn an income to pay our bills and enjoy life’s luxuries. You may be in a secure role without any risk of redundancy, but nobody can be certain that an illness won’t prevent you from working instead. Without work, there is no income and therefore the bills can’t be paid, and we’re forced to make unnecessary cutbacks. A simple Income Protection policy can ensure that should you become unable to work due to an accident or illness, you’ll receive a monthly income sufficient for your needs, until you return to work or until retirement.
Critical Illness Cover:
An illness can strike at any time. This can be devastating emotionally but also crippling financially. Ensure that you and your family have a lump sum of money; enough to repay your full mortgage, pay for medical treatments that aren’t available on the NHS, home modifications to accommodate a new illness, or a family holiday to ease the strain. Having the financial pressures removed allows you to focus solely on recovery.
Life Insurance:
In the unfortunate event of a premature death, you could leave loved ones behind with a mortgage and bills to pay on one income. What would this look like for your family? Would it mean selling the family home on top of losing a loved one? Ensure your family can maintain their general standard of living and stay in the family home in the event of a death with a Life Insurance policy.
