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Protection/insurance This is a wide ranging category of financial planning, and includes healthcare, life cover, "key person" policies, and critical illness cover. Some of the more common areas of interest are explained below. Life insurance There are many times in your life that you need life insurance and it can take many different forms: Critical illness cover Life insurance pays out on death, and of course the definition of death is quite clear. For Critical Illness, however, definitions become very much more important. For instance, most insurers cover blindness and heart bypass within their Critical Illness policies, but to varying extents. This is not unusual, and is important because of questions about the nature of the illness in question - for example, when are you blind?
There are various definitions in use at present but your life would be affected long before you could see absolutely nothing. Similarly, heart bypass conditions vary from one heart value to four heart values needing to be bypassed before a claim is paid out. The concept is simple: you are three times more likely to have a critical illness than you are to die. These policies are designed to pay out if you suffer from a critical illness. You do not have to die to benefit! Policies can be written as "stand alone" or tacked on to term or whole of life policies. These policies are excellent for single people and very good for everyone. |
© Protection & Investment Ltd 2005