Life can be truly unpredictable sometimes. The untimely death of someone close to you can cause extreme trauma and mental stress. 💔 If the deceased individual was the sole breadwinner, large financial contributor or the full time caretaker to your family, it may cause financial problems.
However, pre-emptive planning and smart investments can help avoid this. Small steps like purchasing personal protection insurance (like life insurance with us 🥳) can go a long way in securing your family’s financial future. Personal protection policies provide different types of need-based coverage options for yourself, your loved ones and your valued assets. But how exactly do these policies help achieve this?
How does Personal Protection Insurance work?
Personal Protection Insurance (PPI) is an umbrella term used for different policies that provide financial assistance for you and your family in case of a death. These policies come with coverage periods that can range from a few years to several decades. Having Personal Protection Insurance cover can help your family:
- maintain their current lifestyle
- pay for the children’s education
- continue paying rent and other bills with ease
- pay off any existing debt
With PPI, you are expected to pay timely (monthly, in most cases) premiums 💷 for a certain amount of time or the entire coverage period depending upon the policy. Your loved ones are then paid the promised lump sum in case of a mishap or death. This can help them cope with the financial issues that usually arrive.
Different Types ((https://bequest.com/articles/life-insurance/different-types-of-personal-insurance) of Personal Protection Insurance
At Bequest, we have created a platform where anyone can take the first step towards securing their family’s future and wellbeing. While we currently don’t offer all these products, we are excited to bring more to our platform and support more families in the future! 🙌
Private Health Insurance ⚕️ - To cover the cost of private medical care in case of an illness. The cover for these policies can range anywhere from an annual cover to a decade long one.
Life Insurance ☂️ - This cover pays out a lump sum of money to your family after you pass. The two main types of life insurance are term life insurance, which we offer, and the whole of life insurance.
Income Protection Insurance 💷 - It insures your income if you cannot work due to illness, injury or the loss of employment due to circumstances not under your control. The payout is usually 60%-80% of your last average salary.
Critical Illness Cover 🥀 - It gives you a payout if you suffer from a critical illness. Some custom life insurance policies also offer critical illness covers.
Buildings Insurance 🏡 - This protects you from any structural damage to the property. Any possession inside the house, like a television, is covered by contents insurance.
Personal Accident Insurance 🏥 - It covers any injuries that you might suffer from an accident.
Mortgage Insurance 🏠 - It includes both mortgage life insurance, which is the cover against death, and mortgage payment protection, which is the cover in case you’re unable to work.
When Should I Get Personal Protection Insurance?
You need to do your research and pick the policy that suits you the best. There are plenty of companies, policies and cover that vary, however, insurance is a very personal thing as well! No matter what you’ve heard in the past, you need to make sure that you have the best coverage for you and your loved ones, no matter the type.
We think that purchasing cover sooner rather than later is a great idea, because in most cases, age is the single most influential factor in insurance policies and buying insurance early on in your life can help you get longer covers at comparatively lower premium rates. Life insurance premium rates, for example, tend to increase quite significantly by the time you’re 40.
We offer flexible life insurance policies that can be modified as different needs arise. Our insurance covers help you save some money in the long run while ensuring the complete financial safety of your loved ones. 💛