Insurance – what’s out there?
You never know what the future has in store. While no-one wants to think about things going wrong, it makes sense to be prepared. And let’s face it, if the worst happens the last thing you’ll want to be worrying about is losing your home.
This section should give you a quick taster of the most common insurance policies available on the market today.
Life insurance
This kind of policy is designed to pay out a lump sum to cover your mortgage loan if you die.
Critical illness insurance
This policy pays out a lump sum if you're diagnosed with a critical illness, such as cancer, a stroke, MS, a major organ transplant, coronary artery bypass, heart attack and kidney failure. You can use the payout to pay for medical treatment, pay off your mortgage or anything else.
Income protection insurance
This type of policy replaces a significant part of your income if you are unable to work for a long period of time due to illness or disability.
Serious illness insurance
This is a flexible policy that provides cover in the event of death, serious illness, disability, unemployment and loss of income for medical reasons.
Mortgage payment protection insurance
If you have a mortgage, you really should consider this. A typical policy will start to pay your mortgage after your income stops should you encounter redundancy, accident or illness. And continue to pay for 12 months.