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Life Cover

Life Cover

Life insurance, also known as life cover or life assurance is a way to help protect your loved ones financially if you were to die during the length of your policy. Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made. You choose the amount of cover you need and how long you need it for and you can pay your premiums monthly or annually. In return, your family has the reassurance of knowing that if you died while covered by the policy they could receive a cash sum payout if a valid claim is made.

Many experts recommend having life insurance that's equal to seven to 10 times your annual income. If you have a policy (or policies) of that size, the people who depend on your income shouldn't have to worry about their living expenses or other major costs. For example, your insurance policy could cover the cost of your children's college education, and they won’t need to take out student loans.

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Income Protection

Income Protection

Income Insurance, also known as income protection provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time. You can take out income insurance if you are in full-time work or are self-employed and earn an income. It protects you only in these circumstances – it will not be paid if you become unemployed. You must keep up your payments to stay on cover. It pays you a regular monthly income, replacing some of your earned income. Cover continues until age 65 or you return to work.

Income protection policies are designed to meet the costs of 'living', rather than ensuring family members get a payout after your death. So even if you're young and single with no dependents and limited fixed expenses, income insurance is very useful. If you have a mortgage and dependents it's essential.

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Serious Illness Cover

If you are thinking about taking out serious illness insurance, it is important to realise that it would not replace your income if you were out of work due to long-term illness. Serious illness insurance will only pay out if the illness is covered by the policy. Many illnesses that would prevent you from working may not be covered by your policy. Even when the illness is covered, the policy pays a once-off lump sum and not an ongoing income. You should check with your insurer or broker for details of the illnesses covered before you take out a policy.

What is the difference between critical illness cover and serious illness cover? Critical illness cover pays out for less conditions. Once the cover has paid out in full, the policy ends. Serious illness cover pays out an amount based on the severity of the condition.

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