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My Money House

 

My Insurance House

 

Life Insurance is an essential part of every financial plan, providing financial protection for you and your family against illness, injury and even death. We’ve provided some information on the most common forms of cover below. Life insurance is often surprisingly affordable and a well-chosen plan provides you with the peace of mind that comes with knowing your family is financially protected should the worst occur.

There are a number of different types of cover available so it is important to choose both the type and level of cover that is right for both you and your family’s needs. At my Insurance House we can offer you general advice to help you decide or alternatively we can recommend the type and level of insurance you should obtain based on your personal needs and circumstances should you require this service.

Choosing the right level of cover will depend upon the type of insurance you choose but there are a number of factors that you would normally take into account, being:

any debts you have, such as a mortgage or credit card debts the number of persons financially dependent on you and their age your family’s day to day living costs whether funds are required to cover future expenditure, such as your children’s education your current income and level of personal savings

COMMON TYPES OF INSURANCE

Income Protection

Income Protection provides you with a regular monthly benefit designed to help cover your loss of income in the event you become sick or injured and are unable to work for an extended period. There are different ways to structure your income protection policy and you will have to choose the level of your benefit (usually up to 75% of your income) as well as the waiting period and benefit period. The waiting period relates to how long you must be unable to work before the benefit commences. The benefit period is the length of time the monthly benefits will continue to be paid, with the maximum benefit period generally being to age 65.2. Total and Permanent Disablement

 

Total and Permanent Disablement

Total and Permanent Disablement Insurance (TPD) provides you with a lump sum payment in the event that you suffer an injury or illness that is seriously enough to result in you being unable to return to work. The benefit is often used to repay existing debts, provide funds to help replace your loss of income and cover any potential medical or rehabilitation expenses.

Term Life Insurance

Term Life Insurance provides a lump sum payment if you pass away or are diagnosed with a terminal illness. This benefit is designed to help provide your family with financial security and ideally will be sufficient to pay off any existing debts as well as providing funds to cover ongoing living expenses and other expenditure that will be incurred by your family and loved ones into the future.

 

Trauma

Trauma Insurance provides a lump sum payment should you suffer any one of a number of specified serious injuries or illnesses, such as heart attack, cancer or stroke. The benefit is typically used to cover medical and rehabilitation expenses and to provide a financial buffer, but can also be used to reduce debt, cover lost income or allow you to concentrate on your recovery.

CALL US NOW TO SPEAK TO AN ADVISER

In order to find out more about how to protect your wealth contact a My Insurance House adviser who will help you work out the most suitable insurance cover for you.