5 Personal Insurance Products You Need To Seriously Think About
The world is changing, and we all need to think about changing with it, especially when it comes to personal insurance.
But unfortunately a lot of the time we are too busy being too busy and sometimes neglect the things we actually need to think about or do something about as it can dramatically affect our lives.
Personal insurance offers a valuable shield of financial security that can help us navigate life’s uncertainties with confidence and peace of mind.
In this month’s article, I share with you my top five personal insurance that everyone should consider. These personal insurances address different aspects of our lives, each playing a vital role in safeguarding our well-being, finances, and future aspirations.
Number 1: Life Insurance
This pays out a sum of money if you are diagnosed with less than 12 months to live or upon your death.
It is designed to provide financial security to the beneficiaries (usually family members) who you have some financial responsibility for.
The payout from a life insurance policy can be used to cover funeral expenses, replace lost income, pay off debts, or provide for the raising costs of your children, repatriation, retirement savings.
Number 2: Trauma Insurance
Each insurer calls their Trauma insurance a different name; from critical illness, progressive care, living insurance etc. Trauma insurance provides a lump sum payment if you are diagnosed with a specific critical illness.
The conditions that trigger most claims for Trauma insurance are cancer, heart attack and stroke.
With the continual development in the medical field, people are living through these conditions with more regularity, it just takes time to recover. A lump sum here provides immediate financial stress relief.
Number 3: Income & Mortgage Protection Insurance
To provide a regular income stream if you become unable to work due to illness or injury.
It typically pays a percentage of your pre-disability income for a specified period or until you can return to work.
Income protection insurance helps you maintain your ongoing expenses and meet financial obligations while you are unable to earn an income. These covers can work in conjunction with ACC.
Number 4: Total and Permanent Disablement (TPD) Insurance
A lump sum payment if you become totally and permanently disabled, meaning you are unable to work in your occupation for which you are reasonably suited based on your education, training, or experience.
The payout can be used to cover medical expenses, ongoing care, lifestyle adjustments, and other financial needs associated with the disability. This can be more expensive than passing away.
Number 5: Medical Insurance
Medical Insurance covers a range of medical expenses, including doctor visits, hospital stays, surgical procedures, diagnostic tests, prescription medications, and preventive services such as vaccinations and screenings.
The coverage may vary depending on the specific insurance plan and its terms. Most providers have modules for you to add which can be used to provide a better return on your cover.
Personal Insurance
It’s important to note that the specifics of these insurance policies, including coverage, premiums, and terms, can vary depending on the insurance provider and the policy’s terms and conditions.
It’s advisable to carefully review and understand the policy details before making any insurance decisions.
Consulting with a financial advisor who specialises in insurance can help you determine the levels of cover and products most suitable for your specific needs and circumstances.
Remember, the future is unpredictable, but by taking steps to protect yourself today, you can build a solid foundation for a more secure and resilient tomorrow. Consider these personal insurances and take control of your future with confidence.
Feel free to contact me to discuss any of the above insurances.
Jonathan Whorwood
Financial Adviser
The Insurance Supply Co Limited