We get it, these questions are uncomfortable. But nothing good comes from burying our head in the sand.
When someone is dealing with the deep loss of a parent or partner, the one thing you can do is remove money from the problems facing them. Happily it is a problem that is simple and relatively inexpensive to solve.
Understanding your priorities
Not everyone needs life insurance. If you’re young , don’t have dependents or your own business - feel free to get on with your day. If you’re still reading this then we recommend that you take some action now.
Understanding your options and priorities is key to the income protection planning process. How much insurance costs depends on what you want to cover. You can get as much life insurance as you can afford so it helps to think about what you want it to cover. You will pay a monthly amount based on your age and health and the amount of insurance you wish to have in place for your partner or family.
Family protection for future generations
There are various types of life insurance and family protection available. These include (but are not limited to):
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Term life insurance: a type of life cover that lasts for a fixed period of time
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Whole-of-life-insurance: a policy designed to cover for all of your life and pay out when you die or become critically ill
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Critical illness cover: financial support in the form of a lump sum should you unexpectedly fall ill with a specified illness
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Income protection: ongoing financial support in the event that you are unable to work
What type of life insurance is right for me?
No matter what stage you’re at in life, life insurance should be a part of your planning.
