Life insurance has been around for hundreds of years and is an inexpensive way of giving you and your family financial security in the event of death.
The cost is based on lots of different factors including level of cover, term of years of the policy, occupation, smoker status and health, to name a few! Therefore, nearly every policy premium is unique as no two policies are ever the same. Advice is important in this area too as online comparison sites give you a basic price without guidance, and this is why you would benefit from speaking to an advisor for a tailored package.
Over the years the treatment, prevention, and cure of certain illnesses have improved significantly. Whereas many years ago cancer was generally fatal, today if caught early enough can be cured in some cases. So critical illness was introduced to protect against not dying!
The list of benefits on these types of plans are extensive and are being improved by the protection providers all the time.
Unfortunately, statistics prove that you are significantly more likely to claim on this type of policy. No surprise when 1 in 3 people are likely to suffer from cancer for example.
Providers are developing this type of business regularly and even children can have an element of cover on critical illness.
Self-employed? Discretionary pay when off work ill? Then income protection is your sick pay and your protection when unable to work for a period due to ill health. This is one of the most valuable types of insurance you could have but is vastly underused. There is an array of options when it comes to income protection to accommodate your needs and budget.
Unlike life insurance or critical illness, income protection can pay out more than once as it is designed to cover you if you are unable to work due to ill health over the whole term of the plan.
Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income.