How do you know if you have the protection you need?

These days it’s important to consider a combination of life and living insurances to ensure you are protected against any of life’s challenges that may come your way. The aim is to find a good balance between cost and cover, so it’s affordable and meets your specific needs – your adviser can help you to achieve the right balance.

Below are some useful questions and facts to self-check your insurances:

If I was to die, would my family have enough money to support themselves for a period of time?

Life Cover provides a lump sum in the event of death or terminal illness. It could be used to repay debt, replace lost income or to become mortgage free.

One in eight males and one in 12 females over the age of 30 will die before they reach age 65.

If an illness or injury meant I was unable to work for a few months, do I have enough savings to pay for my day-to-day expenses – power, food, mortgage repayments etc.?

Income Cover provides a monthly payment so you can continue to meet your financial commitments.
Over the past five years, one in seven households has experienced a serious illness resulting in an inability to work for three months or more.

If I was diagnosed with a serious illness, would I have enough money to support my family while I receive treatment and recover?

Trauma Cover provides a lump-sum payment if you experience a serious medical condition. You can use this to replace a lost income, or pay for medical treatment or any additional help you may need – it’s up to you.

Two out of five males and one out of four females over the age of 30 will suffer a critical illness before they reach 65.

If an illness or injury meant I could never work again, would my family suffer financial hardship?

Complete Disablement Cover provides a lump-sum payment in the event you become completely disabled. It will give you the financial freedom to make your own decisions, whether it’s seeking alternative treatment, replacing a lost income or paying for medical costs.

Only 20% of households would cope for more than 12 months with paying their household expenses and maintaining their lifestyle if a serious illness meant the primary earner was unable to work.

If I get sick am I prepared to join the public hospital waiting list or could I afford to pay for private treatment?

Major Medical Cover provides for the reimbursement of major medical expenses and allows you to gain immediate access to the best care available.

Many private hospital treatments can cost upwards of $20,000 (e.g. radiation therapy, one course treatment $15,000 - $27,000, total hip replacement $18,000 - $22,000).

If you'd like to review your cover or want to discuss cover options available just gives us call on 0508 THE MARSHALL (0508 843 627).

Reference Source - Onepath


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