Friday October 5, 2018
The value of advice on Cover and Protection
It is said you can’t put a value on good advice. Here at The Finance Roome we like to think we can. Get good financial advice from the beginning. You are far more likely to accumulate financial wealth and have more income on retirement. Financial advice is complicated. Speaking to a qualified adviser can make everything easier to understand and enable you to tailor their help to suit your particular life goals and family needs. Let us start by explaining the various form of cover and protection.
What cover is provided by Income Protection?
Income protection provides you with a monthly income if you become incapacitated through an illness or injury. This might not be critical, but is severe enough to stop you going to work. Most providers these days stipulate “own occupation” too.This means a condition that stops you doing your own job rather than anything at all. Claims are often for mental disorders and back pain. You might think this cover isn’t for you but every year approximately one million workers are off work for longer than a two month period!
What is Life Cover?
None of us can predict the future, but we can prepare for it. Life cover is designed to protect your family financially should you die within a set time period (known as a term). The amount of money paid out depends on the level of cover you choose. It can be taken as a lump sum or regular monthly payments. If you have a family who depend on you being around to pay for living expenses, the mortgage etc; then you might want to think about it. Who will provide for them if you’re not around?
What is Critical Illness Cover?
Unfortunately we all know that a critical illness such as cancer, or a heart attack can strike absolutely anyone at absolutely any time. Having critical illness cover in place could provide a much needed safety net. If you are diagnosed with one of the illnesses listed on your plan this cover pays out a lump sum. Speaking to a specialist adviser is essential. Providers don’t all cover the same conditions and they can define illnesses differently. It is vital that you understand what you are covered for and what you’re not!