Protection

Most of us want to ensure that our family is financially secure if we die and also have funds available if we were to suffer a major illness.

This is where life assurance cover comes into play, as it provides a guaranteed death benefit if a claim occurs during the period of insurance. Life assurance can be set up for a set time period (term assurance) or for the whole of your life (whole of life assurance). There are many other protection policies designed to protect an individual and his or her family against other events such diagnosis of a critical illness, the loss of income due to being unable to work due to long term sickness and redundancy.

There are many situations where you are well advised to have insurance, for example, going on holiday or insuring your home against damage or theft. But how can you decide what kinds of insurance should be a priority for you? Thinking about the following events may help you put your protection needs in perspective:

  • Stolen car.
  • Burglary.
  • Major illness, e.g. heart attack.
  • Stolen credit cards.
  • Fire at home.
  • Your family surviving without your income.

Then ask yourself:

“Which of the above have I insured against?”
“Which of the above have I not insured against?”