Life is unpredictable, and it’s difficult to prepare for the unpredictable. We’ve learned that the hard way with the current pandemic of the Coronavirus (COVID-19) and the impact it has had on everyday life. It has highlighted just how quickly life changes and how important it is to make sure our loved ones are protected should the worst happen.
Financial protection is a simple way to make sure, if you pass away, your loved ones will be financially covered and able to continue to maintain their lifestyle.
There are different kinds of financial protection, designed to help protect against a range of scenarios. Not every cover type suits everyone, and it’s important to understand the features of each option. We are here to help you understand the different types of financial protection available.
Term life insurance – This provides cover for a set length of time (known as the term). You choose the amount of time you want cover for and if you pass away during the length of the policy, your beneficiary will receive a lump sum. For example, if you have a 20-year term, you are protected for 20 years.
You could decide to align this term with your mortgage or until your children have finished education or left home. To find out more about term life insurance click here.
Critical illness cover – This provides cover if you are diagnosed with a critical illness. Like with term life insurance, this cover is for a set length of time (term) and provides a lump sum should you be diagnosed with one of the conditions covered. The conditions covered can vary from insurer to insurer and some even include cover for your children.
We offer critical illness cover as an optional add-on to our life insurance policies. To find out more about our critical illness cover, click here.
Income protection – This provides cover if you are unable to work due to illness or injury. This type of cover is different to critical illness and term life insurance because it pays out monthly until you either return to work, retire, pass away or the policy ends. It is usually a percentage of your salary and you can normally claim more than once.
Whole of life – This is an alternative to term life insurance. As the name suggests, these policies cover you for the duration of your life and will pay out whenever you die – and as this will happen at some point, these policies are typically more expensive. Another name for Whole of life is life assurance.
Cignpost Life is as simple term life insurance policy with optional critical illness cover. Purchase online today and protect your family’s future.