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5 Aug 2020

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Life insurance among family protection products consumers should have

Life assurance, critical illness cover and income protection insurance are products that consumers should take into consideration when thinking of family protection, according to an industry insider.

While giving advice on personal finance in an article in the Evening Telegraph, independent financial advisor Alan Kendrick said that people's earning capacity is the biggest asset for their families hence it is important to protect it.

Death or illness of people who may be breadwinners can have a devastating effect for children and spouses, underscoring the need for consumers to put in place protective measures.

Apart from the trauma involved, those who pass away without such protection in place can leave their partners facing debts such as mortgages, which can make coping with death even more difficult.

Mr Kendrick said that "family protection is about providing financial support for your family when you are no longer around" and life assurance, critical illness cover and income protection insurance can achieve this.

He went on to state that income protection "is a very important element of any family protection arrangements" and should be viewed as an investment rather than "lost money".

This type of protection was recently named among "essential covers" by Money Hospital.

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Life insurance among family protection products consumers should have