PRACTICAL GUIDE · HOME AND FAMILY
If my income stopped, how would my family cope?
Mortgage payments, food, children’s education and monthly bills depend on someone’s income. Planning your protection is a way to care for yourself and those who rely on you.
Imagine a critical illness forces you to stop working for several months. Treatment comes first, but the bills continue. How would you manage financially while recovering?
Start with three questions
- Who depends on me? Children, a partner or other relatives you support.
- How much would be needed each month? Think about essential expenses and commitments you would want to maintain.
- For how long? Until you recover, your family adjusts or your children become independent.
I have health insurance. Why would I need life insurance?
Health insurance helps pay for medical care. Life insurance can provide money to help you manage your life.
Health · Medical care
Health insurance contributes towards consultations, tests, treatment or hospital stays covered by your chosen plan.
Life · Financial support
Life insurance with critical illness cover can pay you a lump sum when you are diagnosed with one of the covered illnesses. This money can help make up for lost income, pay family expenses or arrange support during recovery.
What if I can no longer work?
Illness or an accident can affect your ability to work and earn an income. Disability cover within life insurance can provide a lump sum to help you face this change.
It is important to understand which type of disability triggers cover: temporary sick leave is not the same as a disability covered by the policy.
I already have mortgage life insurance. Is that enough?
This insurance generally pays the covered debt to the bank when an insured event occurs. It is important protection, but may not leave money available for your family’s other expenses.
The mortgage may be paid off. Your family still needs income to live on.What if I die?
On death, the lump sum is paid to the beneficiaries named in the policy. It can help meet essential expenses, keep children in education and give the family greater financial stability as they adjust.
How do I know if I have suitable protection?
Gather the insurance you already have — personal policies, mortgage cover or employer benefits — and check three things: who receives the payment, how much and in which circumstances.
Critical illness and disability cover are not included in every life insurance policy. Your choice should reflect your responsibilities, budget and existing protection.
The aim is not to have more policies. It is to have protection that fits your life.