Personal Insurance

Personal Insurance covers Income Protection, Trauma or Living Insurance and Health Insurance. Today health issues have become a major problem for individuals and families. The ability to earn an income to support your life style is the number one concern for everyone.

How will you pay the rent, mortgage, car loan, and the necessities of life like food, if you are sick or have an accident and can’t work again ?

Personal Insurance is where you can share the risk of a catastrophe with an insurer to help you through a crisis and still pay your bills. Assessing the risk you face, is part of developing a risk management plan so you have resources to assist you if a catastrophe occurs.

Lets look at the different types of cover that can help people through some of these difficulties.

Income Protection:

This is some times called income replacement insurance, and provides a range of sickness and accident benefits for a set period at an agreed amount. These contracts can be issued annually like your car insurance, or can be more permanent and be guaranteed renewable.

Living Insurance:

Provides a lump sum payout should you suffer a specific health crisis covered by the policy. Not all conditions are covered, and your family history can be an important influence when you are applying for this type of cover.

If you were to suffer one of the major illnesses like heart, cancer or diabetes would this cause a major financial burden for you or your family ?

Health Insurance:

This covers when you are hospitalised, or need specialist treatment. There are different grades of cover, the more expensive covering a greater amount of the cost of your hospital care.

In some countries this type of insurance is compulsory, and is paid for like a tax directly from your wages. However if you do not have this in your country you may not be able to afford the health cover you require. Health costs are rising, medical procedures are keeping us alive longer and waiting lists are growing daily. Governments are finding it a challenge to fund all the latest treatments, and may be forced to choose what to cover and what to leave out.

Building a Risk Management Plan will help you know where your personal risk are. Then you can decide what to take responsibility for yourself, and what might be better covered by Insurance.

To learn more about how to build a risk management plan, sign up for the newsletter “The Vault”. You will learn tips and techniques to help you build your own Financial Plan and prepare should a catastrophe occur to your life

Speaking with a Financial Adviser to help you quantify the financial impact you could suffer, can help you understand your own risks.

A financial adviser would be able to create a risk management plan for your personal circumstances.

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