The biggest asset every person has is the ability to generate an income now and in the future; if you lose this ability you lose the ability to take care of your family. Many insurers offer disability products that differ from each other. It is important to know precisely what you will be able to claim for and what not. Together with income protection that is paid out monthly, you can also make provision for a lump sum payment that will come in handy for making once-off payments such as paying off debt items. It is crucial to understand the fine print of these types of benefits, to make sure the insurer has a good reputation as far as paying out claims is concerned and even to get a second opinion on the cover a product offers. Income protection is often neglected and shortcuts should not be taken in respect of this financial risk. With the right planning you will both save a lot of money every year and protect your biggest asset, namely your income.
Life insurance is important for when we are no longer here. It can be used to keep a roof over our loved ones’ heads and to ensure that our children get the education that we planned for them. The primary purpose of life insurance is therefore to offer financial protection for our loved ones. Life insurance can also provide for funeral and executors’ costs and unforeseen expenses.
How will you know which life cover you need and what it will cost? Contact Solidarity Financial Services for answers to these and other questions regarding life insurance.