You can’t predict everything that the future holds, so it may seem like a difficult task to plan for the unexpected. In the event of a death, illness or redundancy, it’s wise to be prepared so the financial impact on you and your family is as small as possible. You don’t have to plan for every eventuality, but you should consider taking steps to ensure that whatever the future holds, your financial needs – and those of your family – are taken care of.

Life insurance is designed to provide financial protection in case of death of the insured individual. This can be designed to repay a mortgage or to replace an income and can be arranged as either a fixed or reducing level of cover.

Accident/Sickness/Unemployment Insurance

Accident/sickness/unemployment insurance is typically a short-term measure, providing benefits for a maximum term of between 12 and 24 months.

Private Medical Insurance (PMI)

PMI is designed to cover the cost of private medical treatment for curable short-term illnesses. As a private patient it is normally possible to choose when treatment will take place, who will provide it, and where it will be provided.

Life Insurance

Life insurance is designed to provide financial protection in case of death of the insured individual. This can be designed to repay a mortgage or to replace an income and can be arranged as either a fixed or reducing level of cover.

Permanent Health Insurance

Many people accept the need for life cover in case they die, but they are much more likely to get ill and be unable to work. If they are self-employed, or not paid by their employer when unable to work, this could lead to drop in income. Permanent health insurance cover is designed to provide an income whilst unfit for work through illness provided the premiums are being maintained.

Critical Illness Insurance

Benefits from a critical illness policy can be paid as either a lump sum or regular monthly on diagnosis of one of a specified list of critical illnesses. This could, for example, provide capital to cover the cost of modifying a home.

Insurance that is based on an assessment of the health of the applicant is unlikely to cover the applicant for previous or existing medical conditions. The customer should refer to policy documentation and seek advice in order to understand what the policy does and does not cover before making an application..

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