What is Life Insurance?
Life insurance is a contract between an insurer and a policyholder, where the insurer agrees to pay a sum of money to the policyholder’s beneficiaries in the event of the policyholder’s death, in exchange for regular premiums paid by the policyholder.
Life insurance can provide financial protection and peace of mind for the policyholder and their loved ones.
Types of Life Insurance
There are many types of life insurance, such as Term Assurance (Level or Convertible), Whole of Life Insurance, Keyman, Shareholder Protection, Pension Term Assurance (Executive or Personal).
Each type has its own features, benefits, and drawbacks, depending on the policyholder’s needs, goals, and budget.
Some of the factors that can affect the cost and availability of life insurance are the policyholder’s age, health, lifestyle, occupation, and family history.
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What is Serious Illness Cover?
Serious Illness Cover is a type of insurance policy that pays you a lump sum of money if you are diagnosed with a specific serious illness that is covered by the policy.
The purpose of serious illness cover is to help you cope with the financial impact of being seriously ill and unable to work, such as paying for medical bills, household expenses, or lifestyle changes.
Some of the common serious illnesses that are covered by most policies are cancer, heart attack, stroke, multiple sclerosis, kidney failure, and blindness. However, the exact list of illnesses and the criteria for making a claim may vary depending on the insurer and the policy. Therefore, it is important to read the policy document carefully and understand the terms and conditions, exclusions, and limitations of your cover.
Serious illness cover can be bought as a standalone policy or as an additional benefit to a life insurance or mortgage protection policy. The cost of the cover depends on several factors, such as your age, health, lifestyle, occupation, family history, and the amount and duration of the cover.
You can compare quotes from different insurers and find the best policy for your needs and budget.
Serious illness cover can provide you with peace of mind and financial security in case you become seriously ill and need to focus on your recovery. However, it is not a substitute for income protection or health insurance, as it only pays a single lump sum and does not cover all types of illnesses or disabilities.
You should consider your personal circumstances and financial goals before deciding whether serious illness cover is suitable for you.
If you die early or suffer an untimely serious illness, your income may no longer be coming into your household. To protect against this, speak to us today and we will recommend a policy that will both meet your needs and budget.
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