Individual and Family Protection

What is it?

Insurance covers to provide funds to preserve assets and maintain lifestyle if the insured individual dies, becomes disabled, or suffers a major health issue.

Everyone’s needs are different.  Your assets, liabilities, responsibilities,  income earning ability, living costs are the main factors that need to be considered in deciding on the types and levels of cover that are appropriate.

Types of Covers Available

There is a vast range of insurance contracts available.  “Life cover” is the simplest insurance.  Most people think that a life policy involves just a (monthly) premium and a sum insured that someone gets if you die.  Even with simple life insurance, there are variations to this scenario;

Policy variations include conditions relating to:  Terminal Illness, Suicide, ability to increase cover in the future, CPI increases

Premium variations include: Annual increases or fixed for a set term e.g. to age 65, Premium waived if disabled, Future premium freeze

The variations are even greater with the other generic products, which are:

Permanent Disablement, Trauma, Income Protection, Medical and Mortgage Protection

Your Insurance covers should match your needs

As you go through life your circumstances inevitably change.  You need to make sure that your insurance covers reflect those changes.

Check the common events below that will have an impact on your insurance needs. How have you prepared for each of the events that affect you?

  • Marriage
  • Mortgage
  • Birth / Adoption
  • Dependants
  • Salary Increase / Decrease
  • Divorce
  • Tertiary Education
  • Inheritance
  • Sickness
  • Death