Insurance protection
Many of us have a natural tendency to assume that our lives will always continue
to plan. It is not easy to focus upon the possible impact that death, injury or
serious illness could have on the family’s finances. But parents in particular have
a duty to think about these things. Dealing with such issues not only provides peace
of mind for the majority who escape misfortune, but also ensures that the families
of the unfortunate minority do not suffer avoidable financial hardship. Advisers
at Park Row specialise in bringing peace of mind to breadwinners and their families
through the following protection products:
Life assurance
Most responsible parents have some financial protection, often in the form of a
life insurance policy designed to pay off a mortgage. It is, however, crucial to
look at wider life insurance needs, to help to cover other liabilities or outgoings.
Additional life cover could provide dependants with a lump sum or an income stream
for a fixed period to cover other family expenditure in the event of untimely death.
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Critical illness cover
Contracting a critical illness could have dire results for your family finances,
especially if you have a mortgage. Critical illness cover can provide a lump sum
or regular income if you are diagnosed with a critical illness as defined in the
insurance policy documentation. This extra money can be extremely useful in the
event of prolonged illness.
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Income Protection
It is not just illness – whether critical or not – that can keep you away from your
workplace. An accident could also result in the loss of your regular salary cheque.
Income protection insurance can generally cover up to 75% of your income in the
event of inability to work due to accident or sickness as defined in the insurance
policy documentation. It is particularly important if your employer’s sick pay arrangements
reflect only the statutory sick pay requirements.
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