Life and Income Protection Insurance
The grouping of insurance policies gives a range of product types and benefits. A fine selection of insurance policy provides; life insurance cover, Total and Permanent Disability (TPD), Trauma as additional cover, and Income Protection (IP) under one umbrella to cover a policyholder in various ways, which are the four main life insurance policies.
Life in tomorrow brings uncertainties, so selecting the right and total umbrella of life insurance, can give total protection and ultimate peace of mind.
For example, if a newly constituted family has dependents who are living happily together and a partner has life insurance, the following benefit is abounding to them if carefully advised by a life planner.
1. The Life insurance will provide a lump-sum payment to the named beneficiaries on the policy to pay off (If any) remaining mortgage and funeral or final journey expenses when the breadwinner of the family dies after contracting any dread or terminal illness untimely.
2. Total and Permanent Disability (TPD) will also cover permanent loss of work income due to illness or injury. A lump Sum in replacement of lost income up to retirement age which the initial and ongoing medical, home care expenses and off payment of the mortgage is assured.
3. In cases of trauma, the cover will eventually provide another Lump Sum payment if any Critical illness such as cancer heart attack, and stroke appears surprisingly to this young family. In this situation, recovery and rehabilitation expenses which are obvious in such situations will be taken care of.
4. Income Protection (IP) cannot be overlooked. Temporal loss of income loss, due to illness or injury, will provide regular monthly payments to support the policyholder and the family in replacement of income for everyday expenses.
Mortgage, utility bills car payment expenses and other recurrent expenditure which fall due continuously to make life easy are not exempted.
Life and Income Protection Policy provide financial security and support to the whole family in all uncertain life situations of Man.