|
|
 |
|
The provision of more and more one bedroom apartments evidences today’s trend for people to remain independent either as a single person or as a result of divorce. Their special needs in terms of financial protection is somewhat different in that their priority is not financial provision in the event of their death but to provide for themselves if they are seriously ill and unable to work.
The solution falls into two main categories, income protection and critical illness cover. Both have their place in the life of the busy professional and complement each other rather well.
Income protection provides for an income to be paid following a serious illness or incapacity due to an accident. That income will continue until you can return to work or reach a predetermined age, often 60 or 65.
Critical Illness cover pays either a lump sum or an income following the diagnosis and survival of a listed illness or disease. These will include such things as heart attack or cancer. Whilst there is an industry standard for the illnesses and diseases listed many companies offer wider cover. It is important therefore to ensure that you are aware of exactly the cover offered.
|
|
|
FINANCIAL PLANNING >