Do you need life and income insurance?

If you're concerned about how you and your loved ones would cope in the event of an accident or death, then it's worth considering consider these types of insurance cover to ensure your family's financial welfare in the weeks and months following these unfortunate circumstances.

Why do you need life insurance?

One of the main reasons to invest in life insurance cover is to ensure your family is financially taken care of in the unfortunate event of your death. When you take out life insurance cover, you can rest easy in the knowledge that your loved ones will receive a specified sum should you pass away, which will provide financial security to cover expenses and the loss of income.

How does income protection cover work?

Should you find yourself in a position where you are unable to work for a period of time as a result of sickness or injury, income protection will cover a portion of your income to allow you to continue paying your living expenses, including utilities bills, rent/mortgage, and even food. This provides some reassurance that you and your family will still have the means to carry on their daily lives while you focus on recuperating and returning to work.

Is there a waiting period when you select an income protection plan?

When you take out income protection cover, you'll be presented with a range of waiting periods to choose from.
Shorter waiting periods will attract a higher premium, but on the flip side, a longer waiting period could mean you end up without benefit at a time when you're unable to work through sickness and injury. Ultimately, you should select a waiting period based on the length of time you can afford to wait until your first benefit payout, with most benefits paid 30 days in arrears.

What are the options if you can't afford cover?

With a great range of online research tools available,or with the help of Our Broker, you can find great deals. Take the time to find something that fits in with your budget, so you can enjoy peace of mind and financial protection.

How much cover should you take out?

The amount of life insurance and income protection insurance coverage you choose depends on a number of key factors. Firstly, consider the amount you would need in the event you need to make a claim. Secondly, look at the coverage levels that are offered by the provider - for example, some income protection products can cover up to 75 percent of your income. Finally, make sure the policy you sign up to is right for the current financial circumstances of you and your family.