When was the last time you reviewed your nominated beneficiaries? This is one of those things that we don’t really give much thought to.
Certain life events such as marriage, or the birth of a child, often come and go without us giving any thought to who would benefit from our Financial Planning. Forgetting to update a policy or plan could unintentionally create hardship for your loved ones.
You may have heard of lump sum disability cover, and if you read our blog regularly you may have seen our post on this type of insurance cover. What many people may not know however, is that Liberty Life recently took disability insurance to the next level with an innovative product – Whole of Life cover. Continue reading
Many insurance companies offer policies that will pay out a lump sum in the event of disability. These policies are an essential part of everyone’s financial planning strategy, providing crucial funds that can be used to settle any outstanding debts you may have in the unfortunate event that you become disabled and unable to work. Once your debts are settled, the balance of the lump sum payment could be invested to provide an income to cover your monthly expenses.
Personal insurance goes much further than basic life cover, and in today’s uncertain world it is fast becoming a necessity for all of us.
If you are still only covered by a life insurance and funeral cover policy, you should consider including impairment and disability cover in your portfolio. As tragic as the loss of a loved one is, the financial implications are not necessarily negative as long as the person has a life insurance policy. A disability can be far more costly, as the breadwinner may no longer be able to work and may need nursing or extensive medical treatment in addition.
Many people have comprehensive insurance cover that will leave their families with the peace of mind that comes with financial security should they pass away. What many of us don’t pay enough attention to however, is the possibility of contracting a dread disease.