Given the current situation during an unsettled time with coronavirus (COVID-19), it’s important to think about the security and future of your family or business.
Understandably, we would rather not think about the prospect of not being around or being ill, but this crisis has highlighted the importance of protecting the things that matter to you – like our loved ones, home, lifestyle and business.
The outbreak of the coronavirus may mean you have concerns about your life insurance and whether you’re covered. If you have life insurance to provide for those left behind, or to cover business loans after your death.
Health Insurance
Permanent Health Insurance (PHI) is less well known than life insurance but potentially has many more applications. It will pay a percentage of your salary (depending on the insurer) if you are unable to work, minus any sick pay that you may be entitled to. Although it can appear expensive, it is available with a choice of deferment periods and extending this can reduce the cost of cover.
Depending on your policy’s terms, income under a claim will be paid until retirement age, until you are able to return to work or until the end of the policy term (or indeed, on death), whichever is the earlier.
Life Insurance
Life insurance can provide a safety net by offering reassurance that your family and business will be protected financially should the worst happen. It’s important to get the right life insurance policy, since we can’t predict the future.
A good place to start with life insurance is to ask yourself: What do you need to protect? How much cover do you need? And how long will you need the cover for?
Financial Protection
It may be the case that not everyone needs life insurance. However, if your spouse and children, partner or other relatives depend on you financially, then it will be worth some serious consideration. Putting in place the appropriate level of life insurance can make sure your family and/or business is protected financially.
Obtaining professional financial advice and knowing which products to choose, including the most suitable sum assured, premium, terms and payment provisions can be helpful.
Understandably, we would rather not think about the prospect of not being around or being ill, but this crisis has highlighted the importance of protecting the things that matter to you – like our loved ones, home, lifestyle and business.
The outbreak of the coronavirus may mean you have concerns about your life insurance and whether you’re covered. If you have life insurance to provide for those left behind, or to cover business loans after your death.
Health Insurance
Permanent Health Insurance (PHI) is less well known than life insurance but potentially has many more applications. It will pay a percentage of your salary (depending on the insurer) if you are unable to work, minus any sick pay that you may be entitled to. Although it can appear expensive, it is available with a choice of deferment periods and extending this can reduce the cost of cover.
Depending on your policy’s terms, income under a claim will be paid until retirement age, until you are able to return to work or until the end of the policy term (or indeed, on death), whichever is the earlier.
Life Insurance
Life insurance can provide a safety net by offering reassurance that your family and business will be protected financially should the worst happen. It’s important to get the right life insurance policy, since we can’t predict the future.
A good place to start with life insurance is to ask yourself: What do you need to protect? How much cover do you need? And how long will you need the cover for?
Financial Protection
It may be the case that not everyone needs life insurance. However, if your spouse and children, partner or other relatives depend on you financially, then it will be worth some serious consideration. Putting in place the appropriate level of life insurance can make sure your family and/or business is protected financially.
Obtaining professional financial advice and knowing which products to choose, including the most suitable sum assured, premium, terms and payment provisions can be helpful.
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