Question 1

What is a financial risk assessment?

Accepted Answer

A financial risk assessment evaluates your current financial situation to identify gaps in protection. It considers your income, debts, dependants, and existing insurance to show where you might be vulnerable if something unexpected happened.

Question 2

Why do I need life insurance with a mortgage?

Accepted Answer

Life insurance ensures your mortgage is paid off if you die, protecting your family from losing their home. Without it, your loved ones would need to find the funds to repay the outstanding debt or risk repossession.

Question 3

What does income protection cover?

Accepted Answer

Income protection pays a regular income (typically 50-70% of your salary) if you're unable to work due to illness or injury. It covers most conditions and pays out until you can work again, retire, or the policy ends.

Question 4

Is critical illness insurance worth it?

Accepted Answer

Critical illness insurance pays a tax-free lump sum if diagnosed with a serious condition like cancer, heart attack, or stroke. This can cover medical costs, mortgage payments, or lifestyle adaptations during recovery.

Financial Risk Assessment

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