Life can be unpredictable. No one knows what the future holds for him or her and if the worst happens who/what is going to protect you. Imagine how your family would cope financially if you were to die prematurely or be diagnosed with a critical illness or simply fall ill and be unable to work for many months? Who will provide the income? Who will pay those crucial bills?
Protection should be the cornerstone of all financial planning, your health is your wealth, and if your health goes how does that affect your future financial planning?
At Independent Mortgages and Loans we also incorporate the services of IML Financial Planning which means we can provide Independent Financial Planning advice to our clients in the area of Protection and the different types of insurance upon which we provide advice are detailed below.
What are the different types of insurance?
Life Insurance Protection
A life assurance protection plan is the most easily understood protection plan. It can provide for your family if you die or become terminally ill and it can also be used to repay a debt such as a loan or mortgage.
Critical Illness Protection
Surviving a serious illness can have a big financial impact on you, your family and your finances. Not only do you and your family need to come to terms with your illness, but you may still have the mortgage and all those other household bills to pay. And if you're off work, you may not have a salary coming in each month.
While many of us recognise the need for protection should we die prematurely, we often overlook the fact that we also need protection should we live. Critical Illness cover is there to provide funds, usually a lump sum, for those define and more serious conditions that you are unlikely to recover from.
We all take so much for granted; the fact that we take out insurance policies on cars, homes and holidays is a given, and the majority of people also take being able to work and look after their family for granted too.
So, what would you do if through accident or illness your income were cut by 75%?
By taking out an Income Protection plan you're creating security for you and your family should the unfortunate happen.
Mortgage payment protection insurance (MPPI)
Providing a regular income to cover mortgage repayments if the insured is unable to work due to illness, accident, redundancy or unemployment
Accident, sickness and unemployment insurance (ASU)
Providing a lump sum or income benefits if the insured suffers an accident or is unable to work due to sickness, redundancy or unemployment