Protecting you, your family or your business
Life insurance is one of those things nobody wants to talk about yet everyone should. Even briefly. Because it’s important, especially if you have anyone in your life who is financially dependent on you.
There are lots of types of life insurance, but in the end, they all pay your loved ones money when you die. This money can be used to pay for regular living costs, the mortgage, rent, bills or debts, tuition fees or other expenses. Life insurance is the only way to guarantee that your loved ones will be ok, financially, if you and your income are no longer in the picture.
Types of insurance
Term assurance guarantees financial coverage for a specific period of time – 10, 20 or 30 years, for example. It makes sense when you need protection for a specific amount of time (for instance, until your mortgage is paid off). After that period of time, you can get the same coverage for the same time but as you get older, the cost will increase. This makes this type of life insurance policy a good choice for those on a tight budget.
Whole of Life
This type of policy covers you for the whole of your life, not just for a specific length of time like term assurance does. It provides lifelong protection for as long as you pay the premiums and also builds up cash value on a tax-deferred basis. This means it can be used to finance a home, to fund your retirement, cover emergency costs and more.
Serious Illness Cover
Serious illness cover pays a tax-free cash lump sum if you are diagnosed with a specified illness (such as heart attack, cancer or stroke). This cover typically runs in conjunction with a life assurance policy but you can take out a standalone serious illness policy. Some policies cover up to 44 illnesses such as Alzheimer’s disease, loss of one limb and Parkinson’s disease.
How often should I review my Life Insurance?
As a general rule of the thumb, it’s a good idea to review your life insurance every year or whenever a life change happens, such as getting married, having a baby or starting a business. A review will help ensure that your coverage is at the right level to protect your loved ones.
Why Gallivan Financial?
We take a personal approach to your financial security and ambitions. We discuss life assurance in plain English while keeping everything relevant and easy to understand. The better we know you, the better understanding we will have in assisting you to achieve your financial need. Using our skills and expertise to get guide you to the most suitable type of life cover. Providing peace of mind and security along the way.