Protection
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Disaster planning - against those ‘touch wood’ moments
Death and disaster are some things that people sometimes shy away from talking about.
Let’s face it, they’re not nice to think about, let alone talk about. They have a huge impact on our loved ones’ lives and having a plan can help stop a disaster becoming a long-term catastrophe for your family.
Financial services calls this protection. We think this is a bit misnomer as it kicks in after something has happened. It’s more like an airbag, or a parachute. It doesn’t stop the initial event, but you would sure notice it if it wasn’t there!
Often this includes some form of insurance, some examples of which are below:
Income Protection – the aim is to replace your income if you are unable to work for a prolonged period. If you cannot earn, how are you going to put food on the table or make your mortgage payments?
Life insurance – also known as term assurance –aims to generate a lump sum in the event of a death. This can help the rest of the family out by reducing the amount they have to worry about. Maybe it could clear the mortgage or allow the surviving partner to go part time to help bring up the children?
Critical Illness Cover – this aims to pay a lump sum if you develop one of the policy’s pre-defined conditions. The money could pay for medical care or adjustments to your house or cover a period that you are unable to work.
Family Income Benefit – this type of policy aims to provide a regular income stream in the event of a death. This cannot replace you, but it could provide significant benefit to your family. For example, it could allow your partner to pay for childcare or give up work.
What’s right for you is very much dependent on your own personal situation. There can be some overlap between cover but it is not the case that one is better than the other.
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