Income Protection Vs Critical Illness cover... One will do, I don't need both.
Protection and the level of cover needed is very much down to an individuals personal and financial circumstances. We are often asked "Do I need Income Protection OR Critical Illness cover?" There are significant differences between the two products.
Your earning potential is likely to be your family’s most valuable asset. Income protection plans are designed to provide you with a regular income to replace your salary to ensure you can continue to pay your household bills should you be unable to work for a prolonged period due to any illness or injury.
If you are diagnosed with an illness such as cancer or suffer a heart attack, you and your family may find yourselves financially worse off. Critical illness plans provide a lump sum in the event of you being diagnosed with one of a large number of specified illnesses. This lump sum can then be used to pay off any significant debt e.g. a mortgage…putting less pressure on your savings.
If you find yourself in a position where you cannot work for a prolonged period of time (but not as a result of a critical illness diagnosis) without an income protection policy in place, you could find yourself in a financially vulnerable position.
Choosing the right type and level of protection can be a daunting and confusing process. Providing protection solutions is one of the fundamentals of our business. Working with carefully selected providers, we offer an extensive product range including:
- Life Cover (including Term Assurance and Whole of Life)
- Critical Illness
- Income Protection
- Employee Benefits
- Private Medical Insurance
These are just a selection of the solutions available, if you would like to find out more about how we can help you, get in touch and we'll be happy to talk you through your options allowing us to tailor a solution specifically for yours and your family’s needs.
No one can predict the future, but we can help you prepare for it.