When it comes to financial planning, different types of insurance serve different purposes. While critical illness insurance can be valuable, the importance of each insurance type may vary depending on a clients individual circumstances and priorities. Here are a few key insurance types commonly considered in financial planning:
- Health insurance: Health insurance is essential for covering medical expenses in case of illness or injury. It provides financial protection by helping to pay for doctor visits, hospitalization, medications, and other healthcare services. Without health insurance, medical costs can be substantial and could potentially lead to financial hardship.
- Life insurance: Life insurance provides a payout to beneficiaries in the event of death. It is particularly important if clients have dependents who rely on that income. Life insurance can help replace lost income, pay off debts, cover funeral expenses, and provide financial support to loved ones.
- Disability insurance: Disability insurance offers income replacement if clients become disabled and are unable to work. It can provide a portion of income, helping to cover essential expenses while unable to earn. Disability insurance is important for protecting financial well-being in case of a long-term disability.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.
