At Riach Financial, we firmly believe that understanding your options for protection against unexpected life events is crucial. While it’s hard to imagine something happening to us, the reality is that life can throw curveballs. The best way to alleviate worry is to arrange suitable protection plans that prevent financial hardship should the worst occur. Just as we insure our cars and mobile phones—items that can be replaced—why leave your mortgage, income, and health to chance?
Life Insurance: Ensuring Your Loved Ones Are Protected
Life insurance is designed to provide peace of mind, ensuring that your dependents—such as children or a partner—are financially secure in the event of your death. The primary purpose is to pay out a lump sum, which can cover:
- Mortgage payments
- Outstanding debts
- School or university fees
- General financial support for your family
Life insurance isn’t just for homeowners; if you rent and have children, it’s equally important to consider. While discussing mortality is uncomfortable, it’s a reality we all face. Here are some questions to ponder:
- Do you want to leave your loved ones in financial distress?
- Would you like to ensure your debts are settled?
- Do you want your family to remain in their home?
- Are you concerned about funding education for your children?
We often don’t expect to pass away while our children are young, but what if? Exploring a life policy can help ease these worries. Life cover is often more affordable than you might think, and we’re here to help you understand how these policies work and the benefits they offer. Feel free to contact us for guidance!
Critical Illness Cover: Preparing for the Unexpected
Many of us know someone affected by a critical illness—be it cancer, a heart attack, or a stroke. We may not think it will happen to us, but what if it does? How would taking time off work for treatment impact your family’s finances?
Critical illness cover provides a cash lump sum if you are diagnosed with specified illnesses. While creditors may show some sympathy, they ultimately expect timely payments. Financial hardship can affect more than just your mortgage; it impacts everyday expenses like food, bills, and living costs. This coverage can even help fund private treatment if needed.
We’re here to discuss your options and help you find the right critical illness cover. Don’t hesitate to reach out!
Income Protection: Securing Your Financial Stability
What would happen if you were unable to work due to injury or illness? Wouldn’t it be reassuring to have a policy that provides:
- A monthly income to replace lost earnings
- Continued income if you return to work at a reduced capacity
- Ongoing support if you can never return to work (depending on the policy)
Income protection typically covers up to 70% of your gross salary. There are various policies available, from those that pay out for a limited time to those that last until retirement. We can tailor a plan to fit your needs and budget.
Consider your employer’s sick pay—how long does it last? If you’re self-employed, protecting your income is even more critical, as statutory sick pay isn’t an option. We can help you navigate the available benefits and find the most suitable policy for your situation.
At Riach Financial, we’re dedicated to helping you understand your protection options. Life is unpredictable, but with the right plans in place, you can safeguard your future and that of your loved ones. Contact us today to explore your options!