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Your Backup Plan for Tomorrow
Life is hard enough without worrying about how you’d cope if life throws you a curveball. Whether you’ve just bought your first home or you’re thinking about the future, personal protection—like life cover, income protection, and critical illness cover—can be a game-changer. It’s about having a backup plan for your finances and making sure your loved ones (and your mortgage) are taken care of if things don’t go as planned.
Here’s the lowdown on how it works and why it’s worth thinking about.
Life Cover: The Ultimate Safety Net
Life cover might not feel like a priority right now, but it’s one of the smartest investments you can make. If you were to pass away, life cover provides a tax-free lump sum to help your family or partner:
- Pay off the mortgage
- Cover day-to-day expenses
- Avoid financial stress at a tough time
Even if you don’t have kids yet, having life cover in place gives you peace of mind that your loved ones won’t be left struggling financially.
Income Protection: Your Pay Cheque Backup
Imagine losing your income for months—or even years—because of illness or injury. Income protection is here to step in when sick pay runs out. It replaces a chunk of your salary (typically around 50–70%) until you’re able to get back to work.
Why It’s Important:
- It keeps your mortgage and bills paid
- You don’t have to drain your savings or rely on credit
- You can focus on recovery, not stressing about money
If you’re self-employed or work in a job without long-term sick pay, this one’s a no-brainer.
Critical Illness Cover: When Life Hits Pause
Critical illness cover gives you a tax-free lump sum if you’re diagnosed with a serious illness like cancer, a heart attack, or multiple sclerosis. Unlike income protection, this isn’t about monthly payments—it’s a one-off amount you can use however you want:
- Pay off (or reduce) your mortgage
- Cover medical treatments or make lifestyle adjustments
- Take some much-needed time out without worrying about finances
No one likes to think about getting sick, especially when you’re young and healthy, but these things can happen. Having cover means you’re prepared.
Why Bother Now?
Here’s the Thing: The younger you are, the cheaper this stuff is. Getting covered early can save you serious money compared to waiting until later. Plus, it’s way easier to get approved when you’re healthy.
So, think of it as future-proofing your life. Even if you never need it (fingers crossed!), having a solid plan in place means you can live your best life now—with zero stress about the “what ifs”.