Life Insurance
As we grow older, get married, build families and start businesses, we come to realise more and more that life insurance is a fundamental part of having a sound financial plan. Having life insurance will give you a sense of comfort in knowing money will be available to protect your loved ones in the event of your passing. Here are 4 main reasons why having life insurance is important:
- To provide for your family and loved ones should you pass away.
- To leave an inheritance.
- To pay off debts and other expenses.
- To cover your Business Insurance needs with respect to protecting your business against the passing of a key person or to assist in the set-up of an efficient Buy and Sell contract.
Disability Insurance
Disability is something that we subconsciously think won’t happen to us. Like it or not, surveys have shown that up to 30% of all people in employment will at one time or another experience some form of disability which causes them to need time away from work. The only way to meet your financial obligations should you become disabled, is to take out disability insurance.
Unfortunately, disability insurance is one of those types of insurance that often get overlooked, especially by those who are self-employed. For those in full time employment with an employer their contract will usually state that they have disability cover, but this still usually only accounts for three fifths of their salary.
To put it simply, not taking out a disability insurance contract is a risk. If you were to become disabled, whether temporarily or permanently, the last thing you want on your mind is bills and debts. People with disability insurance have constant peace of mind and when things go wrong their only concern is rest, treatment and recovery.
Critical Illness Insurance
Critical illness insurance is designed to pay out a tax free lump sum in the event of being diagnosed with any one of a list of serious illnesses. The purpose of the cover is to ease the financial pressures and burdens of daily living whilst being ill and unable to work. Statistics show that we are 5 times more likely to suffer a serious illness such as Cancer, Heart Attack or Stroke before the age of 65 than we are to die.
Another very important factor to consider is that medical advances mean that we are far more likely to survive a serious illness than ever before. For example, according to the Office for National Statistics, over 90% of males are still likely to be alive 5 years after being diagnosed with testicular cancer and the same survival rate would apply to over 80% of women diagnosed with breast cancer.
At RNC Personal Actuarial Advisors, we will help you choose a product that best meets your needs taking into account your life stage, income and personal needs. This ensures that you get the most value out of your long-term insurance.