There are many insurance products, each designed for different people in different circumstances.
There are many insurance products available, each protecting against different events and offering various levels of cover.
For example, life insurance policies pay your dependants money as a lump sum or as regular payments if you die.
But you’ll need a different type of protection insurance to cover you if you have to stop working due to an accident or a serious illness. Regular
These are the two main two options:
Ideally, try to save up enough money to cover three months of living expenses. However, it can take time to save up this amount of money. And protection insurance might be a cost-effective way to protect yourself.
The insurance products you choose should reflect your personal circumstances and what you want to protect.
For example, a life insurance product usually makes sense for couples or parents. But it wouldn’t suit someone with no dependents, as the policy only pays out when you die.
Someone with no dependants might be more interested in income protection insurance. This covers you if you lose your salary due to illness or injury.
If you can’t afford to get cover for everything you want to protect, think about your priorities or consider a lower level of cover. Some protection might still be better than none.
You might, for example, decide to make sure you can keep up with your mortgage or rent payments if you lose an income.
Ask yourself, what insurance do I need?
I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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