Protecting Your Family
Protecting Your Family
Planning for your financial future will give you peace of mind today. This week, our Expert
Qualified Financial Adviser, Philip Sicat, Premier Financial Services, discusses ways to Protect Your family through Life Insurance Protection Plans
UNDERSTANDING LIFE INSURANCE
WHAT DO I NEED?
To help you get to grips with the different types of life insurance, we’ve split them
into three types.
- LIFE INSURANCE
- PROTECTS YOUR FAMILY
• This pays your family a lump sum if you die within a certain period of time.
• The lump sum aims to provide you with a replacement income for your family
if you die before your cover ends.
• It does not cover you for your whole life and this is why it’s cheaper than
whole-of-life insurance.
2. SPECIFIED ILLNESS
- GIVES YOUR FAMILY A LUMP SUM IF YOU SUFFER
FROM A SPECIFIED ILLNESS
This type of cover pays you a lump sum if you suffer one of the specified illnesses
covered on your plan. This lump sum aims to help you and your family maintain your
standard of living and help you to recover without additional financial worries.
3. PROTECT YOUR INCOME ON ILLNESS
This cover provides you with a replacement income if you are unable to work due to
illness or injury after a period of time. This money could be used to help your family
pay your mortgage/ rent and essential bills. It does not cover you if you become
unemployed.
Each individual’s circumstances will determine which type of protection option meets their needs, but whichever route you chose, all it’s really about is putting life cover in place to ensure that the necessary funds will end up in the right hands at the right time, in both a cost efficient and a tax efficient manner. We advise that you seek professional advice as the information given is a guideline only and does not take into account your particular circumstances.
Premier Financial Services is a registered trade name of PCS Financial Services (Kerry) Ltd. PCS Financial
Services (Kerry) Ltd. T/A Premier Financial Services is regulated by the Central Bank of Ireland