Should You Consider Life Insurance?
Are you financially prepared for the worst?
March 23, 2017Factors that Impact Your Death Insurance Premiums
November 22, 2017Life insurance can help to provide for you or your family if an illness or injury puts you out of action for a while, or if you were to pass away, by helping to fill the financial gap that your family would face without your income.
Life insurance products can help you:
- Pay the mortgage or rent
- Pay for your children’s education
- Cover your day to day bills
- Cover out of pocket medical expenses
Why Life Insurance is important
We’d all want our families to continue enjoying a good quality of life if we weren’t there. But how would they do that without your income, without your help around the house, and without your help in raising the kids?
While money can’t replace you, it can certainly help ease your family’s suffering and allow them to live the kind of life you would have wanted for them. That’s where life insurance can help.
Why Serious Illness Insurance is important
We all know someone who’s had cancer or a heart attack – and we all know the toll it takes on them and their families. We hope it never happens to you, but if it does it’s always good to be prepared.
Have you thought about how you’d maintain your financial security if you were recovering from a serious illness?
Out of pocket medical expenses, mortgage repayments or rent, and household expenses are just some of the commitments you may need to cover while you’re off work and recovering from a serious illness.
Serious illness insurance can help you look after these commitments, allowing you to focus on your recovery. Once you’ve recovered , it can also help you adapt to the often life-changing impacts of a serious illness – for example making changes to your home if you have reduced mobility, or reducing the number of hours you work so you can focus on other things in life.
How Serious Illness Insurance works
If you’re diagnosed with a specified illness, and your claim is approved, 100% of the cover amount is paid as a lump sum payment.
Illnesses covered^ include Cancer, Benign Brain Tumour, Heart Attack, Diabetes, Stroke and Coronary Artery Bypass.
When deciding on a cover amount, think about what you’d want to use the money for and your personal circumstances. You may wish to use it to repay loans, fund additional healthcare expenses, or even enjoy a holiday as you recover.
When you apply you’ll need to answer a series of questions about your health – this process is called underwriting. If you have no major health issues you’ll normally be approved for cover immediately.
