When you want to provide financial security to those who matter most to you, life insurance is a good place to start.
It can protect your loved ones by providing a death benefit, so they have one less thing to worry about during difficult times.
Some policies also build cash value you can use if you need it.
You may also want to consider critical illness cover. A critical illness policy pays a lump sum benefit if you are diagnosed with a serious health condition, such as cancer, heart attack or stroke.
We at Gladstone Morgan work with a wide range of insurance companies
offering all types of life insurance including term life, whole of life and investment-linked products.
A life insurance policy is an insurance contract. In exchange for regular premiums, the contract offers to pay an agreed lump sum of money if one of the lives covered dies during the term of the policy. With a life insurance policy in place, it could help your loved ones cope financially if the worst happened to you.
10 essential reasons for having life insurance:
1. Income replacement Proceeds from a life insurance policy can step in to pay the bills when income from the insured is lost due to death.
2. Burial and other final expenses The death of a loved one is hard enough without having to worry about your funeral costs.
3. Mortgage protection A family may lose their home if a life insurance death benefit is not available to help pay the mortgage.
4. Premiums are lower the younger you are Over time, as people age, premiums increase. The best time for you to buy life insurance is today.
5. Transfer wealth to family You can leave more money to your family with a life insurance policy as part of your estate.
6. A tax-advantaged way to build cash value You can realise tax advantages by utilising policies that build cash value.
7. Provide funds for college education College is expensive. Life insurance proceeds can help ensure that college loans are paid even if you aren’t there to help.
8. Meet evolving needs with a variety of product options Needs change over a lifetime. You may want to look for a different type of policy or lower premiums to suit new life circumstances.
9. Supplement employer-provided life insurance policy Employer-provided life insurance alone may not be adequate to cover your family’s financial needs.
10. Pay estate taxes and create estate liquidity When an estate is inherited, certain taxes must be paid. Life insurance may step in to cover your estate costs.
Critical Illness Cover (CIC):
Have you considered what financial position you might find yourself in if you or a member of your family were to fall seriously ill?
1. Income Protection – If you’re critically ill, the last thing you will want to worry about is your finances. It will be
much better to concentrate on what you need to do to get better rather than have to worry about your outgoings whilst you are undergoing treatment for your illness. Critical illness cover aims to give you peace of mind in these circumstances.
2. Debts – Would you have enough capital available to pay off all your outstanding debts if you were no longer able to work and earn income?
3. Required changes – Would you like to ensure that there is sufficient capital available to pay for adaptions to your home or car if needed?
4. Specialist Medical Treatment – Would you like to have capital available to pay for specialist private medical care if it were available?
Contact our team at Gladstone Morgan if you wish to know more about how this topic as well as countless other significant events that may influence your financial position and savings.
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