What Is Individual Risk Insurance ?
Individual risk insurance is often just referred to as "life insurance" policies but in fact individual risk insurance policies these days have so much more cover that we can access to ensure that the future that we have created for our families remains in sight even when we are met with an unforeseen life changing event.
How Can I Benefit from Individual Risk Insurance?There are 5 main benefits that can be added to individual risk insurance policies: - Life Insurance provides for your family in the event of untimely death.
- Disability Insurance provides for yourself and your family in the unfortunate event of a disability, whether short term or total and permanent.
- Critical Illness Insurance provides a lump sum in the event of a dreaded disease event like cancer, heart attack or stroke.
- Income Protection provides you with a monthly income in the event of you not being able to work for a medical reason.
What to Consider when Applying for Individual Risk Insurance- Sum Assured: This is the benefit amount that you will receive if you suffer from an insured event. You will need to choose a sum assured for each of the benefits selected.
- Cease Age: Term policy covering you for a defined number of years or whole of life.
- Benefit Selection: You must decide whether you just want one of the benefit options or a combination benefits.
- Risk Factors: Current Health, Smoker Status, Income, Highest Education will influence the cost of or eligibility for individual risk insurance.
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