You may already have plans in place for growing your wealth. But do you have a plan to preserve your wealth and protect your loved ones financially should something happen to you?
From a sudden loss of income, serious illness or injury, or even an untimely death, the financial security of your loved ones can be completely dependent on the personal risk management plans you have in place.
These are four common types of personal insurance:
- Income protection provides coverage for you and your family should sickness or injury temporarily stop you from working. A monthly income is paid to you to assist with your expenses in the short-term.
- Total and permanent disability coverage provides you or your legal representative with a lump sum payment to help your family, should you not be able to work again.
- Critical illness or trauma cover provides you with a lump sum payment if you're diagnosed with a life-threatening condition, including heart attack, stroke, cancer, or others.
- Death cover provides a lump sum payment to your dependents in the event of your death.
How much insurance is enough?
The amount of insurance you need depends on your current situation. How much income do you and/or your family need to live comfortably? How long will you need an income supplement should something happen? What savings and assets can you access easily?
An accurate needs assessment is necessary to help you best understand your insurance needs, and subsequently, look for the right solutions.
We can partner with you to help you understand your risk management needs and tailor the most appropriate personal insurance coverage based on your requirements. Whether it’s for you or your family, our Financial Advisers are equipped to help ensure your financial plans continue—even, and especially, in the face of ill health or an untimely death.