Provides payment towards the cost of long term care

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Provides payment towards the cost of long-term care in old-age or infirmity - Private medical insurance (PMI): Provides cover towards the costs of private medical treatment Relationship between Insurance and Asset/Liabilities Death - Insurance may be needed to provide money to support dependent family/spouse Income, mortgage and other debt - Where there is mortgage/other debt it is important to protect repayments in event of illness - Another situation to consider is death of one of the parties to mortgage/loan - Redundancy can also cause financial difficulties: Redundancy insurance cover is normally limited to cover for mortgage or loan/credit car repayments Incapacity, health or accident - Losing source of income due to incapacity/ill-health/accident can mean financial problems - more chance of sickness than death
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Business protection - Need for protection applies to businesses as well as individuals - Small businesses may rely on owner’s wealth/skills/application - Many businesses rely on key individuals - key person insurance = vital -
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  • Winter '12
  • ACCOUNTING
  • Long term care insurance, Critical illness

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