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protection
What types of protection are there and when should they be used?
Life Assurance is very important within the family and can usually be provided relatively inexpensively so long as you are in good health.
Critical Illness - There are some modern day illnesses that do not only affect the elderly and can threaten the financial stability of even the most successful of families. Heart disease and cancer are two such conditions that are becoming more prevalent within the hectic pressures of modern day living. Protection against such so called critical illnesses is becoming popular and should be taken out early to avoid unaffordable premiums.
Income Protection Insurance - Earnings depend on your ability to work and to this end income protection insurance should be considered, unless provided by your employer. This should not be considered for the breadwinner alone. Looking after children and household chores will need to be undertaken by paid help if the contribution to the household of non-working partners is removed through illness or death.
The above protection policies are those most commonly used for both Personal & Business Protection needs. However, as with all other aspects of Financial Planning choosing the correct type of policy can be difficult as there are now several hybrid policies available, which can make Protection Planning a minefield. It is therefore important to consult a Financial Advisor to carry out a Full review so that any areas where shortfalls exist can be identified and the relevant advice given to eradicate them.
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