Navigating the world of personal protection can be overwhelming, but it’s an essential part of securing your financial future. At Riviera Mortgages, we understand the importance of having the right protection in place. This blog outlines the key personal protection policies you should consider.

1. Life Insurance

Life insurance is a cornerstone of personal protection. It ensures that in the event of your untimely death, your loved ones are not left with a financial burden. This is particularly important if you have dependents or significant debts, such as a mortgage. Life insurance can provide a lump sum or regular income to your beneficiaries, ensuring they can maintain their standard of living and meet any outstanding financial commitments.

2. Critical Illness Cover

Critical illness cover provides financial support if you are diagnosed with a specific illness listed in the policy. This type of insurance can be a lifeline, offering a lump sum to help cover costs like medical treatment, home modifications, or even lost income due to time off work. Considering the rising cost of healthcare and the potential for lost income during recovery, critical illness cover is an important consideration for comprehensive personal protection.

3. Income Protection Insurance

What happens if you’re unable to work due to illness or injury? Income protection insurance replaces a portion of your income, typically up to 50-70%, if you’re unable to work. This type of policy ensures that you can continue to meet your financial obligations, like mortgage payments and daily living expenses, even if you lose your regular income for an extended period.

4. Payment Protection Insurance

Payment protection insurance (PPI) covers specific loan or credit repayments if you’re unable to work due to illness, injury, or unemployment. While PPI has been controversial in the past, when used correctly, it can provide peace of mind, especially for large commitments like a mortgage.

5. Private Health Insurance

While not strictly a type of protection insurance, private health insurance can complement your personal protection strategy. It can cover the cost of private medical care, potentially reducing the time you need to wait for treatment, which can be crucial in getting back to work sooner.

6. Family Income Benefit

Less known but incredibly valuable, family income benefit provides a regular income to your dependants instead of a lump sum. This can be more manageable for families who might not be used to handling large amounts of money and ensures a steady income stream over time.

How Riviera Mortgages Can Help

At Riviera Mortgages, we don’t just guide you through the maze of mortgage options; we also provide expert advice on personal protection. Our team can help you assess your individual needs and recommend the most appropriate types of protection for your unique circumstances. We understand that every individual’s situation is different, and we’re here to ensure that you’re adequately protected, no matter what life throws your way.

Understanding and choosing the right personal protection policies can make a significant difference to your financial security and peace of mind. The right mix of protection can ensure that you and your family are covered in a variety of challenging situations. For personalised advice and guidance on navigating these crucial decisions, reach out to us at Riviera Mortgages. We’re here to help you protect what matters most.