Personal Insurance
The appropriate personal insurance plan can ensure that there is sufficient cash or income available at the most difficult of times – premature death, or terminal or long-term illness or disability.
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Types of Personal Insurance
Accident or Illness Cover
Personal Health Plans
Life cover provides a lump sum payment upon the death of the insured person. It is arguably an essential insurance for anyone with family, business or other financial commitments, which might be in jeopardy if they were to pass away. The financial strain upon dependants at this time and beyond may be severe, as they strive to maintain their lifestyle and also pay for:
- Funeral costs
- Estate services
- Counselling costs
- Childcare
- Children's school fees
- Daily living expenses
- Hire purchase (HP) payments
- Mortgage repayments
- Existing debts (such as credit cards, leases and loans)
- Business debts and running costs
- Hire purchase (HP) payments
- Mortgage repayments
- Existing debts (such as credit cards, leases and loans)
- Business debts and running costs
Financial Lifestyle CEO Gregor Mansfield explains: “Life insurance is a financial product. It permits you to transfer the responsibility of fulfilling certain financial obligations that are too big for you to handle to someone else who can guarantee completion. As a registered financial adviser (RFA) I can negotiate that transfer.”
Accident or Illness Cover
What would happen if you were unable to work for an extended period? Would you be able to maintain your current lifestyle and also afford:
- Medical expenses
- Daily living costs
- Insurance premiums (e.g., house and contents, life cover)
- Planned travel
- Mortgage repayments
- Existing debts (including HP, lease and loans)
- Business debts and running costs
- Counselling costs
- Childcare
- Children's school fees
- Retirement planning
- Business debts and running costs
- Counselling costs
- Childcare
- Children's school fees
- Retirement planning
Accident or illness cover insurance products are designed to alleviate your financial concerns should an accident or illness prevent you from working. You can choose how you receive the funds: either as a lump sum or monthly payments. The cover could also be an invaluable part of your recovery, as it enables you to make effective rehabilitation plans.
Putting this insurance in place today should give you long-term peace of mind. You’ll know that, if the unexpected happens, the income will be there when you need it most.
Personal Health Plans
Health insurance can protect you against the high costs of private hospitalisation and surgery, and typically includes cover for:
- Surgical costs including surgeon's fees and anaesthetist fees
- Hospital charges in relation to confinements required for medical illness or surgery
- Specialist visits
- Diagnostic tests
- GP visits
We usually recommend visits to your GP are funded by you, and the more unpredictable and significant costs, such as surgery and hospital confinement, are taken care of under your insurance cover.
