Life Insurance – Is it enough ?
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Life Insurance – Is it enough ?
When Considering the needs of a partnership or family for life insurance there are many ways to obtain a value for the sum insured – But is Life Insurance alone enough or does the insured require even more ? –
Both partners in a relationship should be consulted in the reckoning for levels of insurance – often the silent partner has a serious concern over a condition known to exist in the family and would prefer to see this covered better by the insurance company
Life Insurance alone is usually not enough to cover the major trauma’s
What are Typical Traumas ?
- Stress Disorders
- Heart Disease
- Cancer
- Brain disorders
- Accidents
- Paraplegia and quadriplegia
- degenerative diseases
While most of these are life threatening; in many cases they are not life ending and as such in the early stages will not trigger a claim under Life Insurance alone
When speaking to your life insurance professional – remember to ask about different scenario’s and how one obtains insurance for them – Diabetes for example mainly will not trigger a claim under a Life Insurance or a Trauma insurance policy but may trigger a claim under income protection
What is the optimum Life Insurance package ?
The best combination seems to be to have Life Cover, with Total and Permanent Disability and Trauma Insurance – backed up with Income Protection
Income Protection ensures that the most critical item – your ability to put food on the table is maintained – Of course there are offsets against proceeds but in the main these policies ensure quality of life in the event of an illness or accident
Cover vs Price
There is an adage that the cost of an insurance policy is never remembered at claim time – Cheap insurance usually means cheap cover – ask your advisor for a comparison of the product against the market and why it is being recommended before commencing with a plan to protect you and your loved ones
WebInsure Life Insurance
Posted in Financial Planning, Insurance, Life Insurance, Newcastle, Uncategorized, Webinsure