Overview - Types of Personal Insurance
There are different types of personal insurance to suit an individual's or family's needs and objectives. At Delivering Certainty we believe that each of the policy types below should be considered. We will then create a risk strategy in which each of the policy types work together to protect those personal and family goals that are most important to them.
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Life Insurance
Life or Term Life Insurance pays a lump sum amount if you die or are diagnosed with a terminal illness. Purpose The objectives of taking out a life cover policy can be a combination of the following goals : - To protect the family home by clearing outstanding debts. - To protect children's education by providing 'earmarked' funds at the right time. - To ensure that family lifestyle and goals can be maintained by providing sufficient capital to replace lost income. - To provide for disabled dependents by establishing the capital and income to meet their needs over time. - To equalise estates where assets are difficult to realise or split. e.g. farming concerns. |
Total & Permanent Disablement Insurance
Total & Permanent Disablement (TPD) Insurance pays a lump sum benefit if you suffer an illness or injury which results in a permanent disability and means you are unable to work in your usual occupation again. Purpose The objectives to consider when establishing a TPD policy are, generally, as follows: - To protect the family home by clearing outstanding debts. - To protect children's education by providing 'earmarked' funds at the right time as earned income ceases. - To ensure that family lifestyle and goals can be maintained by providing sufficient capital to replace income. - To provide for disabled dependents by establishing the capital and income to meet their needs over time. - To provide additional financial help towards medical expenses which can be significant both upfront and over time. |
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Trauma Insurance
Trauma Insurance (sometimes referred to as Critical Illness or Living Insurance) pays a lump sum benefit if you suffer from one of a range of specific medical conditions. The main illnesses covered are cancer, heart conditions or stroke but there are also other, less common events such as loss of limb, organ transplant and Parkinson's disease, plus approximately 35 further conditions. Purpose The proceeds of a trauma policy are often used as follows: - To protect the family home by provision of funds for either full or partial repayment of debt. - To protect children's education by providing 'earmarked' funds at the right time as earned income ceases. - To provide an income to enable the client to concentrate on their recovery rather than being pressured to return to work. - To provide additional financial help towards medical expenses which can be significant both upfront and over time. |
Income Protection
Income Protection Insurance provides you with a monthly income if you are unable to work as a result of accident or illness. Purpose At Delivering Certainty we view this type of protection as one of the most important covers as it is used to protect your biggest asset, that is, your ability to provide an income both now and in the future. Most client's goals and objectives for them and their family are generally tied to their ability to continue to produce an income and with this income suddenly gone all their aspirations are in jeopardy. |