Personal Insurance

Life insurance is a risk management tool rather than an investment. It is an essential aspect of financial planning for someone who has dependants. No one wants to talk about their death or the after effects of this on their family or dependants. But not being proactive could put your loved ones at financial risk. That’s why it is essential to take out life insurance.

Being able to access medical care at a local medical centre or the nearest hospital when and where you need it without being placed in a queue, knowing that their insurer will meet the cost is a source of financial assurance and peace of mind. Relying on the public system often requires long waiting for diagnostic tests and thus delays the treatment. Having health insurance lets you avail appropriate medical services without worrying about the long waiting list.

No one wants to think about a situation where you cannot work and get an income, and all your bills still need to be paid off. A bit of thoughtful planning prepares you to face the worst unexpected phase. Having an income protection insurance in place will give an income to help replace a proportion of lost earnings due to your illness or injury.

Your mortgage is probably the most significant expenditure of your salary. Regardless of your financial situation, you must make your repayments regularly, or you must risk losing your home. So, it’s worth paying a small premium to protect your hard-earned home. Mortgage repayment insurance covers your payments when you struggle to keep up with your monthly payments should you get sick, injured or redundant.

Long term medicines and treatment for critical illness or major trauma can be massive. Life cover with critical illness and trauma insurance will give you financial stability by providing a cash lump sum – replacing your lost income and other expenses. If worst comes to worst, a funeral benefit option on your policy will safeguard your family; assisting your loved ones at a difficult time.

Taking the leap from renter to homeowner is an exciting moment. At the same time, it means taking up a new long-term financial commitment. So, it’s prudent to have a backup plan to pay your mortgage in the event of death or illness. Mortgage insurance protects you as a borrower.

The death of the primary breadwinner is not the only circumstance that can shake the family financially. Being a victim of some accident or diagnosed with a serious health problem can be devastating. Total and permanent disability insurance offers an insurance pay-out while the insured is still alive to help to minimise the financial burden in such situations.