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Prepare for the ups and downs in life

While it is important to financially plan for key milestones such as getting married, going to university and paying for your children’s education, it is just as important to plan for the worst.

Sailing through life with a cup half full philosophy is a positive thing, but you must also be prepared for the unexpected. In addition to protection solutions like Life Insurance, which pays a lump sum should you pass away prematurely, there are other insurance options to support you in your bleakest moments, such as Critical Illness.

Critical illness protection

Nobody wants to think about planning ahead for a terminal illness or a permanent chronic condition, but unfortunately, sometimes these things do happen. Having no cover in place could leave your finances and the lifestyle of your dependants, very exposed.

Critical illness insurance is a long-term policy that covers chronic illnesses listed in the policy. If you become unwell with one of those listed conditions, the policy will pay you a tax-free, one-off payment that can be used to cover rent or mortgage payments, debts and other daily expenses while you are unwell.

According to industry data*, an average life cover claimant is 51 years old at the time of death, and the average critical illness claimant is only 47. To be prepared for unfortunate events, clients are advised to take out critical illness cover for eight times their annual salary.

*Source: Zurich Insurance

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