Personal Protection

Personal protection is a key part of any successful investment plan. What good is it to grow your investments and build your wealth if you leave yourself vulnerable to things like redundancy and critical illness? Without adequate protection, your family could face significant financial hardship if you or your partner dies unexpectedly. Having personal protection means that you do not have to worry about money during a difficult time.

Your local personal protection planner can help you find the right type of protection to suit your needs, whatever your present stage of life.

Personal Protection Insurance

The Financial Advice Experts can help with a range of personal protection insurance. A personal protection plan could include:

• Life Insurance

The two main types of life insurance are Term Life and Whole of Life. Term life runs for a specific duration, for example, 20 years to provide additional coverage while you have dependent children. The policy pays out on the death of the life insured with no residual paid at the end of the term. There is no fixed period for a Whole-of-Life policy. As long as all premiums have been paid, the policy will pay out when the person insured dies.

There are variations within the policies. Some pay a lump sum, while others pay the nominated beneficiary a regular income. Your local personal protection advisor can help you determine what type of policy will best suit your needs and those of your family.

• Income Protection Insurance

If you are worried about losing money if you cannot work due to sickness or injury, you may want to consider income protection insurance. If you need to make a claim, the payments will cover part of your salary either until you can return to work or, if you are unable to do so, until you retire or the end of the term of the policy.

• Critical Illness Cover

With cancer, stroke and heart attacks affecting a growing number of people, having critical illness cover is becoming the norm. These policies pay a tax-free lump-sum on diagnosis of a critical illness, leaving you to focus on your treatment and recovery without having to worry about paying day-to-day expenses. As with most personal protection cover, the amount of your premiums will depend on the value of the cover you want, your age and whether you have a personal or family history of particular medical conditions.

Saving for Protection

Having a nest egg in the form of savings or an ISA is another type of personal protection. If you face an unexpected bill, are made redundant or are given the opportunity to take part in something special, having immediate access to cash can make an enormous difference to your financial stability.

Arrange a consultation with your local personal protection consultant by contacting The Financial Advice Experts today.