Life cover is a term used for life insurance, which provides financial security to your family, in the event of your sudden demise. Losing a loved one is a cause of immense grief for the family. Also, if it means that the family will be left to fend for itself with regards to unpaid mortgage or debts, that pain will only accentuate. A life cover ensures that your loved ones are not left in destitution.

Life cover protection

As an individual, you take on some liabilities like mortgage, debts, utility bills and other living expenses. However, if you were to die suddenly, the burden of paying off all that will fall on your family. The payout from life cover ensures that does not happen. If planned well, it can take care of all your life’s financial responsibilities, which in your absence are to be borne by your loved ones.

Critical illness and income protection

Topping up the life cover or life insurance with a critical illness cover (CIC) or income protection (IP) also covers you. While life insurance will take care of your loved ones, should you die, income protection or critical illness cover will take care of your medical treatment or life’s expenses should you fall ill or get injured, and are unable to work.

Life insurance, critical illness and income protection

Life insurance will pay out a lump sum to your beneficiaries only once, and that too only if you pass away. However, a CIC and IP will cover you in case of loss of income due to illness or injury. While a CIC will pay out a lump sum should you become unable to work due to any of the listed illness in the cover, and income protection will pay out regularly every month, substituting your loss of income due to illness or injury.

We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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