Why Have a Personal Protection Policy To Secure Your Family
None of us can predict what will happen tomorrow because life is unpredictable. Therefore, it’s essential to plan to avoid an unexpected loss of income caused by a severe illness or death. A Personal insurance policy plan will help safeguard and secure your family’s financial future. Continue reading to learn more about personal protection policy in the UK and ways to protect your way of life and family.
Why Have a Personal Protection Policy:
Most families require at least one steady source of income to be financially stable. Think about what would happen if you lost that money due to a severe illness or the loss of another source of income.
Would You and Your Family:
- Will I be able to pay the mortgage as well as other debts?
- Keep paying your rent, utilities, and other bills?
- Can you manage additional costs like the price of caring for you or your dependents, travel to hospitals or care facilities, medical bills, or, in the worst situation, funeral costs?
- Do you have any plans or funding for your kids’ education?
- Maintain your/their current way of life?
If the answer to any of these questions is “no,” getting insurance is necessary to safeguard your family’s financial stability.
Best Ways to Protect Your Family:
Critical Illness Insurance:
Critical illness cover is commonly added to life insurance and can be purchased jointly or separately for one or more people. When one of the insured people gets an essential illness diagnosis, the insurance pays out a lump sum that can be used to cover household bills and other costs, ensure your children’s education, pay off loans or a mortgage, etc.
Life insurance policies, which are available as single or joint policies, pay out a lump sum if a named individual passes away. Payments can then be used, as said above, to protect the family’s future and maintain their standard of living.
Mortgage Protection Insurance:
Mortgage protection insurance, which includes a level term or declining term life insurance policy with or without critical illness coverage, ensures that any unpaid balance on a mortgage or other loans can repay if an insured person passes away unexpectedly.
Income Protection Insurance:
Income protection insurance ensures that you and your family may maintain your standard of living even if you cannot work because of a major accident, injury, or illness by providing a regular income.
With years of experience in personal protection insurance, Mountview Financial Solutions will walk you through the entire procedure step-by-step while taking into account your particular conditions. Then, to guarantee that you and your family get the right level of coverage at the most competitive premium prices. We will recommend and arrange the most appropriate insurance.