Life can be unpredictable and protecting your family and assets is as important to us as it is to you. At NM Finance we are able to offer a wide range of life insurance, critical illness cover and income protection to ensure that you minimise risk and take care of you and your dependents, should the worst happen.
What type of life insurance do I need?
There are three main types of cover to protect you and your family – life insurance, critical illness cover and income protection. One way to think about life insurance is as a win-win – if you need to make a claim against your policy, you will have protected those closest to you from the impact of a potentially life-changing situation. If you never claim, you are fortunate not to have needed to deal with circumstances which could be upsetting and potentially devastating.
What’s the differences between life insurance, critical illness and serious illness cover?
Life insurance will provide a lump sum payment upon the death of the applicant, providing money for your dependents which can be used to pay off a mortgage, provide an income for them or pay for any debts that the person has left behind.
Critical illness cover will provide a payment should an applicant be diagnosed with around 45 medical conditions including cancer, multiple sclerosis, a heart attack or stroke.
Serious illness cover provides similar benefits to a critical illness policy but will cover more than 100 conditions and some policies will pay for up to 170 illnesses.
Increasingly, providers are offering more flexible policies which allow you to claim less, depending on the severity of your condition, enable you to ‘top up’ your policy after you have made a claim, or offer benefits and rewards for being proactive about your health.
What is income protection?
Income protection provides cover should you lose your job. A lump sum will bridge the gap of your income for a set period of time, enabling you to pay your mortgage, loans and living expenses with minimum disruption until you find new employment. You can determine how short or long-term your policy will cover and this will affect the monthly premium that you pay.
Although a mortgage or remortgage can prompt people to consider their insurance requirements, NM Finance can advise on insurance products at any time and ensure that you have adequate protection in place. Call now or request a callback and make sure your family is fully protected.
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