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Life protection is a crucial element of financial planning, providing protection and peace of mind for you and your loved ones in the event of something unforeseen happening. However, selecting the right type of life insurance can seem daunting, given the many options available. Understanding your needs as well as the types of life protection available is essential to making the decision that is right for you and your circumstances.

The term Life Protection covers a range of different products. It can include mortgage protection, life insurance, income protection and serious illness cover. Each product has differences in the way it offers protection for you. But the main reason you need any or a combination of these in place is the same. That is to provide financial protection to your family should the worst happen to you. Here’s our little guide about what each product does.

Protection image with characters representing diversity

Life Insurance

In the simplest terms, life insurance is a type of financial protection taken out for a particular period of time. If you die during that time a tax-free lump sum will be paid to your estate. You can’t be replaced. No amount of money will relieve the upset of an unexpected death. But with proper planning you can alleviate the financial concerns a tragic event like this may bring.

Mortgage Protection

Mortgage protection is a type of life protection that is designed to pay a lump sum to help pay your outstanding mortgage balance if you die during the term of your plan. Your cover decreases as the amount left on your mortgage decreases.

Income Protection

Another type of protection policy is income protection. It is designed to protect your income and will provide an alternative income if you are unable to work due to injury or illness. This can give you financial security and peace of mind while you recover.

Specified Illness Cover

This type of protection plan offers a lump sum payment should you be diagnosed with one of the illnesses on a specified list. It is a single payment rather than a regular income.

The level and type of protection cover you choose really depends on your own individual and family circumstances. Each product comes with different options and benefits so it can be tailored to provide the best value and cover for your needs. The cost of cover will depend on your age, your health, whether you smoke, the chosen term and level of cover among other factors.

While it makes sense to have a plan in place to help with the financial impact should something happen to you, it also makes sense to understand exactly what that plan should deliver. Your need for life protection will depend on your age, family circumstances and lifestyle as well as factors such as future financial commitments and your dependents.

Having the right plan in place will provide peace of mind and financial protection for you and your family. A financial broker can help you understand the different options and help you put together a protection plan that suits your individual needs, now and in the future.

At Financial Equality Services we’ve guided many people through their ever-changing needs and protection requirements. So whether it's Life Insurance, Mortgage Protection, Income Protection or Serious Illness Cover please don't hesitate to contact us at to arrange a free consultation.

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