When buying a house, getting building and contents insurance is often one of the first things we think about. We want to protect our investment and make sure that if anything happens - whether it’s a fire, flood, or theft - our home and belongings are covered. But while we go to great lengths to insure our property, many of us overlook one of the most crucial forms of protection: insuring ourselves.
So, how do you insure yourself and why is it important?
Income Protection for Peace of Mind
Your home loan or rent payments, utility bills, and everyday living expenses all depend on your ability to earn an income. What would happen if you became sick or injured and were unable to work? Income protection insurance provides a replacement income if you're unable to work due to illness or injury, ensuring you can continue to meet your financial obligations even in tough times.
Life Insurance to Protect Loved Ones
Building a home is about more than just bricks and mortar - it's about providing a safe and secure environment for your family. If something were to happen to you, a lump sum payout from your life insurance policy can ensure your family can cover mortgage payments or even clear the mortgage entirely, providing financial stability during a time of immense emotional stress.
Total and Permanent Disability (TPD) Insurance for Long-Term Security
Like life insurance, TPD insurance could help you to clear your mortgage or keep up with repayments if a serious accident or illness left you unable to work ever again. The lump sum payout may also help with modifications to your home, ongoing medical expenses, or simply covering everyday living costs for you and your family.
Trauma Insurance for Unplanned Health Events
Serious illnesses like cancer, heart disease, or stroke can have a devastating financial impact in terms of your ability to work and the need to meet medical expenses. Trauma insurance provides a lump sum if you're diagnosed with a critical illness, helping you focus on recovery rather than worrying about your finances. This can be used to cover mortgage repayments, medical bills, ongoing treatments, or to simply maintain your standard of living.
The Bigger Picture
While home and contents insurance safeguards your physical assets, personal insurance ensures that you and your family are financially protected from life's uncertainties. A comprehensive insurance strategy that includes life, TPD, income protection, and trauma cover will provide peace of mind knowing that, whatever happens, your home or investments are safe from financial hardship.
At Northhaven, we can help you understand what types of insurance are most suitable by assessing your broader financial situation. Our advisers can guide you in determining the right level of cover, ensuring you and your loved ones are financially protected. Whether it's life insurance, TPD cover, income protection, or trauma insurance, we’re here to help you secure your future with confidence.
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