Advice for Life
Advice for life – Life Insurance
One thing that is certain about life is that we never know how long it will be. Whilst most people will want to live as long as they possibly can, unfortunately illness, and accidents can cut life short, and all the best laid plans can suddenly come crashing to a halt. One of the best bits of advice for life you can be given financially revolves around life insurance. Life insurance provides customers with an insurance policy which will pay out a tax free lump sum to the family or a customer who loses their life during the term of a policy.
You can never be certain how long you will live, and when you take out financial commitments, like a mortgage, or have children, you will obviously want to make sure you’re always around to look after them, financially and otherwise. Should the worst happen, and you not be able to look after your financial commitments, then your life insurance policy will.
Advice for life – Critical illness insurance
Another type of insurance that may interest people with financial responsibilities, or families who rely on their income is critical illness insurance. Critical illness insurance provides customers with an insurance policy which will pay out a lump sum payment to a customer who is diagnosed with a critical illness, and survive the survival period. The survival period will vary in length from customer to customer, but is the period of time from first diagnosis that a customer must live to be able to make a claim and is typically around 28 days.
Customers who fall critically ill will often not be able to work for some time, and many find that their sick pay at work runs out, with many of even the best policies only lasting six months. The money from their critical illness insurance claim can then be used to supplement lost income, so that you can still afford to pay the mortgage and household bills as you would have before, and so that the family does not miss out on anything they would have beforehand.
The idea of the policy is that customers do not have to worry financially, instead focussing all of their attention on getting better, and enjoy life as best they can, while they still can.