All life cover is an insurance term that encompasses a variety of insurance products which provide financial protection in case of an unfortunate event, such as death, disability, critical illness, or other unforeseen circumstances. These types of policies are designed to financially protect individuals and families in the event of tragedy.
Life cover can include products such as life insurance, critical illness insurance, income protection insurance, and mortgage protection insurance. The specific type of policy needed will depend on one's personal situation, needs, and goals.
Life insurance pays out a lump sum or monthly payments upon the death of the insured to provide for their family or dependents. Critical illness insurance provides a lump-sum benefit to offset the costs of recovery from any number of pre-specified serious illnesses or conditions. Income protection insurance provides a portion of the insured's income should they become temporarily or permanently disabled and unable to work. Mortgage protection insurance pays for the mortgage should the insured become unemployed or die.
To determine the right life cover for your individual needs and circumstances, it is important to consult a qualified financial professional to discuss the various types of products and how they could benefit you in the long-term.