DID YOU KNOW MORE PEOPLE INSURE THEIR PETS THAN THEIR INCOME
Forward planning to prevent a sudden loss of income due to serious illness or death is therefore extremely important.
This planning can help protect and secure the financial future of you and your loved ones.
Halifax research found that more people insure their pets than their income! (Halifax)
Why Have Personal Protection Insurance?
The financial security of most families is dependent on at least one regular income.
Imagine for a moment what would happen if you were to lose that income due to you or another income provider developing a critical illness or dying…
Would you/your family be able to:
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Pay off a mortgage and/or other loans?
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Keep paying rent, utilities and other household expenses?
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Cope with additional expenses like the cost of care for you/dependents, travel to hospitals/care facilities, medical bills or, in the worst case scenario, funeral expenses?
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Plan/pay for your children’s future (i.e. education)?
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Uphold your/their current lifestyle? If your answer to any of these questions is no, arranging some form of insurance to protect your family’s financial security is crucial.
But let’s admit it, traipsing through all the different kinds of life insurance can be tiresome, especially if you don’t know what you’re looking for. But rest assured, Velvet will point you in the right direction.
Ways to Protect Your Lifestyle and Family
Currently available personal protection options include:
Critical Illness Insurance – Often taken out as an add-on to life insurance, critical illness insurance may be taken out for one or more individuals, on a single or joint basis.
If one of the insured individuals is diagnosed with a critical illness, the policy pays out a lump sum that can then be used to help with household bills and other expenses; secure education for your children; pay off loans or a mortgage, etc.
Life Insurance – Available as single or joint policies, life insurance policies pay out a lump sum in the event of a named individual’s death. Pay-outs can then be used as above, to secure the family’s future and allow the family to continue their lifestyle.
Income Protection Insurance – This type of policy is designed to protect families from loss of income due to an insured person’s prolonged inability to work because of an injury or serious illness.
Pay-outs consist of pre-determined monthly payments for a pre-determined period to help cover regular monthly expenses for the duration of their recovery
Mortgage Protection Insurance – Consisting of level term or decreasing term life insurance policies with or without critical illness cover, mortgage protection insurance ensures any outstanding balance on a mortgage/other loans can be repaid in the event of an insured person passing away unexpectedly.
SEALS OF APPROVAL
Velvet go all out to help you! Offering honest, easy to understand advice, Joanna and her team can’t be bettered!
Thanks for all your help I recommend you to anyone looking to secure a mortgage and their critical life cover.
May 2022
Damien O'Dwyer
Highly recommend – very supportive and informative throughout the entire process. very professional team and clearly want to get the best deal. Even a global pandemic didnt stop them getting me a great mortgage deal! will be using the team again for my next property!
July 2022
Sam Little
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