Finding the Right Protection

Mar 5, 2024 | Advice

No matter where you are in the world, ensuring the safety and security of your family is of utmost importance. While building wealth is a significant goal, it is equally crucial to protect it from unforeseen circumstances.

In this article, we will delve into the significance of life insurance and how it can provide the necessary protection for your loved ones. We will discuss the various types available, address common concerns related to planning for the unexpected, and guide you towards making informed decisions that will secure your family’s future.

Worth the Money?

Life insurance is often a subject of debate, with some questioning its necessity. However, the reality is that none of us can predict when death might occur. While life insurance may not be necessary for single individuals without dependents, if you have a family, there are compelling reasons to consider it. Just like you insure your car, house, and phone, insuring your family’s well-being is equally important.

Life insurance provides a financial safety net, ensuring that your loved ones are protected and can maintain their quality of life even if the unexpected happens.

What Type of Insurance is Right for Me?

When considering insurance, it is essential to understand the two main types available: term assurance (whole-of-life cover) and life insurance (fixed-term cover).

Term assurance provides coverage for a specified period, while life insurance typically covers you for your entire life, earning it the name “whole of life” cover. The premiums for whole-of-life cover tend to be higher due to the guaranteed payout. Determining which type of insurance suits you best requires a careful assessment of your personal circumstances. Factors such as your age, health condition, financial obligations, and long-term goals should be taken into consideration. Consulting with insurance professionals can help you navigate through the options and choose the most suitable coverage for your family’s needs.

Why Should I Plan for Something That May Never Happen?

It is natural to question the necessity of planning for an uncertain future. After all, no one wants to dwell on the possibility of unfortunate events. However, life is unpredictable, and unforeseen circumstances can occur at any stage. Imagine falling ill early in your career and being unable to work. Consider the repercussions if you, as the sole breadwinner of your family, were no longer there to provide support.

Insurance companies may increase premiums or even deny coverage if they are aware of your illness. Life insurance ensures that your family will be financially protected if you are unable to fulfil your responsibilities due to illness, disability, or premature death. Having the peace of mind that your family is taken care of during challenging times can be a significant relief and a true blessing.

Protection: Safeguarding Your Family’s Future

It provides a lump-sum payment or regular income, offering financial stability during a difficult transition period. With the right life insurance coverage, you can have confidence that your family’s immediate and long-term needs, such as mortgage payments, education expenses, and daily living costs, will be met.

Cover: Assessing Your Insurance Needs

Determining the appropriate level of insurance coverage is essential to ensure that your family is adequately protected. Assessing your insurance needs involves evaluating your financial obligations and future goals.

Consider factors such as outstanding mortgage or debts, educational expenses, daily living costs, and any other financial responsibilities you may have. Professionals can help you calculate the amount of coverage required to safeguard your family’s financial well-being, ensuring that they can maintain their lifestyle and fulfil their aspirations.

Term: Tailoring Insurance Duration

The duration of your coverage depends on various factors, including your age, financial commitments, and long-term objectives. While many individuals opt for insurance to cover their working life, additional considerations may influence the duration of coverage.

For instance, if you have dependents who will rely on your financial support for an extended period, such as funding their higher education or providing for their long-term care, you might choose a longer-term policy. Alternatively, if you have shorter-term financial obligations, such as a mortgage or specific debts, a policy with a term aligned with those obligations may be more appropriate. Tailoring the insurance duration to your specific needs ensures that you have coverage precisely when it is required.

Don’t wait until it’s too late—take the necessary steps to provide the protection your family deserves. Consult with insurance professionals who can guide you through the process and assist you in finding the best life insurance solution tailored to your unique circumstances. With the right life insurance coverage, you can face the future with confidence, knowing that your family’s future is protected.

If you would like SJB Global to contact you with an obligation-free call, follow the link below.

This communication is for informational purposes only based on our understanding of current legislation and practices which are subject to change and are not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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Schedule an Obligation-free Call With an Adviser

By scheduling an appointment with an adviser they will reach out to you at your requested time. 
Personal advice, whenever it suits you.

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