Insurance
The future is uncertain, and it’s essential to consider the risks and be prepared. This means thinking about how to protect you, your family and your financial security, in case things don’t go as planned.
Insurance and protection
Don’t expect the state to replace your income if something goes wrong. You have to look at the big picture and work out whether you need protecting and how comprehensive the protection you might need will be. Everybody’s circumstances are different, and the type of protection you need will change depending on your situation.
Protection for life’s unexpected moments
Saving in case of an emergency is always a good idea. If you find yourself out of a job, or unable to work you’ll need something to fall back on – a plan B.
The general rule is to have enough money saved up to be able to cover your outgoings for at least four months. This means you have access to an emergency fund, which should keep you going whilst you can look for a longer-term solution.
Having an emergency fund is a good idea but it shouldn’t be your only safeguard. Pairing it with some kind of protection would be a worthwhile consideration.
Assessing your insurance needs
To determine how much protection you need, ask yourself:
- Do you have savings set aside for emergencies?
- Do you have mortgage or rent payments to maintain?
- Are there debts that still need to be repaid?
- What exactly does your current protection cover?
Everyone’s situation is different, so the right protection for you should reflect your unique circumstances and priorities.
Life Insurance
A life insurance policy will pay out a lump sum to your dependents if you were to die unexpectedly, offering reassurance that even without you, they are still supported financially.
Income Protection Insurance
This type of policy is designed to provide support for you, and your fmaily, if you are unable to work due to illness or injury, and your income will be reduced.
Critical Illness Cover
As the name suggests, critical illness policies provide cover, usually in the form of a lump sum of money, if you were to get a specific type of life-altering condition.
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