Protection – Life & Income
Life Assurance is a Contract with a Life company that an individual may enter into to cover a variety of claim eventualities. For example, a single person with no dependents or family may not feel it necessary to have life cover in the event of death. However, they might feel it prudent to make sure they are financially secure were they critically ill or unable to work for the foreseeable future. Forms of Life Assurance for these possibilities are called Critical Illness (CI) and Permanent Health Insurance (PHI).
On the other hand, a person might feel that their family would be in financial stress if they were to die and seek to mitigate this. In fact there are so many combinations of all types of Life Assurance that a person can often design their own tailor-made solution.
It is always wise to seek independent advice from a professional in this field to ensure you have exactly what you need to suit your own circumstances and budget from the entire marketplace. Such an adviser would also discuss the use of Wills and Trusts where applicable to maximise the efficiency of your selected Life Assurance Plan.