Life Insurance and Mortgage Protection

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Life insurance provides financial protection to your loved ones in the event of your death. It ensures that a lump sum or regular payments are made to your beneficiaries, helping to cover living expenses, debts, and other financial needs. Key features include:

• Types: Includes term life insurance (coverage for a specific period) and whole life insurance (coverage for your entire life).
• Benefits: Offers financial support to dependents, helps cover funeral costs, and can be used to pay off debts or estate taxes.
• Premiums: Paid regularly (monthly or annually) based on the coverage amount, policy type, and individual risk factors.

Health insurance provides coverage for medical expenses incurred due to illness or injury. It helps to reduce the cost of healthcare services, including hospital visits, treatments, and medications. Key features include:

• Coverage: Can include routine check-ups, specialist visits, emergency care, prescription drugs, and preventive services.
• Types: Includes private health insurance, employer-provided plans, and government programs.
• Premiums: Paid regularly, with the amount depending on the coverage level, deductible, and co-pays.

Critical illness cover offers financial protection if you are diagnosed with a serious illness specified in the policy, such as cancer, heart attack, or stroke. It provides a lump sum payment to help cover medical costs, lost income, or lifestyle changes. Key features include:

• Coverage: Specific to severe illnesses and conditions outlined in the policy.
• Benefits: Provides financial support to cover treatment costs, adjust your home or lifestyle, and replace lost income.
• Premiums: Paid regularly, with the cost influenced by age, health status, and coverage amount.

Income protection provides a replacement income if you are unable to work due to illness or injury. It ensures a portion of your regular income is paid out while you are unable to earn, helping to maintain your standard of living. Key features include:

• Coverage: Typically covers up to 50-70% of your pre-tax income.
• Types: Includes short-term and long-term income protection policies.
• Benefits: Helps cover living expenses, mortgages, and other financial commitments while you recover.
• Premiums: Paid regularly, with the amount depending on the coverage level, waiting period, and individual risk factors.