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Text Box: Financial Protection   What matters to us most is usually our family. The desire to shelter those we love is a fundamental responsibility. We would like to think we do the best for them that we can.   A long and prosperous life may provide good family protection. But if you can’t be sure of this, a more reliable alternative is to prepare for the unexpected and the unwanted…   This is where life assurance and other protection policies come in. It’s a simple arrangement whereby, in return for a payment you make, you or your family receive an appropriate cash sum in the event of an insured claim, to help ease a financial burden. Generally the payout figure is many times more than the amount paid in premiums.   Because life assurance has been around so long, and because everyone should have some level of financial protection, there are lots of companies providing basic life assurance and other protection policies. This makes for a competitive but confusing market for consumers. Text Box: Life Insurance   Life Assurance is still the core protection product. However, there are many refinements on basic Life Insurance. It can for instance be set up on a whole of life basis so that it will definitely pay out at some time; or for a specified period of time only. It can also be fixed at it’s original value; decrease in line with a repayment mortgage; or increase in line with inflation. There are many other protection policies designed to cover life’s misfortunes such as Critical Illness, Permanent Disability, Accident, and Unemployment Insurance.   Spoilt for choice…   The abundance of choice may seem like a mixed blessing, but with so many options, making the right decision can be overwhelming.   Life assurance is not to be taken without serious consideration. Lots of factors need to be taken into account including your own financial needs, your state of health and occupation; and many external factors including the solidarity of the insurance company, the product flexibility, and the total cost. Text Box: Health Insurance   Simply having life assurance may not be enough. What, for instance, if you contract a near fatal disease or illness? You may not be able to work and may lose your income; but you are still alive so you still have to meet the costs of living, and you may also have other loan and payment commitments to meet as well.   Critical Illness Insurance   Except for the very elderly, it is more likely that an individual will suffer a critical illness rather than die in the short term. As a result of this critical illness insurance is more expensive than life assurance. It is the type of protection policy you hope you never need to claim on, but if you do, the benefits can be a financial lifesaver because it pays out a lump sum if you are diagnosed as having an insured critical illness condition.   Income Protection Insurance   This insures you against loss of income upto a maximum percentage of your income and upto a maximum term of your whole working life. It may be of particular value if you are self employed or your employer does not provide sufficient income protection for you.   Payment Protection   This is designed to cover specific costs such as a mortgage, personal loan, or another formal commitment. It can be set up to cover all payments over the full payment term; or just for a set period of time – typically one or two years only. This latter type is sometimes called an ASU Policy (Accident, Sickness, & Unemployment).   Private Medical Insurance   This can cover you for private medical and/or dental treatment either to avoid having to wait, and/or to ensure a preferred quality of treatment.   Long-Term Care Insurance   This is designed to cover the cost of nursing-home care in your old age which can otherwise be prohibitively expensive or necessitate the sale of your home or other lifetime assets. Text Box: Making the right choice...   It’s clear that choosing the right protection is not simple, particularly when there are so many providers and products. Among the decisions you need to make are:   ·             How much protection do I need? ·             How long should it last for? ·             What costs can I expect? ·             What risks should I expect? ·             What's right for me?   Protection Advice   Our rigorous Advice Process will help you answer all of these questions, and more, as far as is ever possible. Our expertise and access to the world of consumer investments will empower your decision making process, and provide you with the best possible opportunity of making the right investments for the right reasons.   Please feel free to talk to us about your protection planning needs and objectives.

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