“Protection” refers to types of life and protection insurance which are put in place to help “protect” you, your income, your home or your family from unforeseen events such as critical illness or unemployment, and to help secure your financial future.
Your protection needs will change throughout your life as your family situation, employment, and financial circumstances change. It’s important to consider what kind of protection you might need and to review this on a regular basis to take into consideration any changes in circumstances. A good time to assess your requirements is when you’re reviewing your mortgage needs.
Common types of cover include:
This is designed to support you financially if you can’t work due to illness or injury. It will replace part of your income and will continue to pay out until you can work again. The payments will be regular, tax-free instalments.