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Protecting your loved ones

In 'Protecting your financial future', we talked about how a life insurance policy can provide reassurance that your loved ones will be looked after, and better able to cope financially, if you're no longer there to provide for them. However, there are many other ways you can protect the people that you love.

Here are some common options you may want to consider:

Protecting your family's health

Family health insurance policies differ widely, but may cover:

  • some/all of the cost of surgery as well as minor treatments that you or your loved ones need
  • some/all of the cost of hospital stays
  • appointments with specialists and consultants
  • diagnostic or follow-up tests

Some health insurance policies also include provision for other medical support including dental care, eye care, physiotherapy, mental health support and pregnancy or maternity services.

Making a will

Making a will is probably the most important action you can take to make sure your loved ones are protected and cared for in the event of your death.

Your will is a document that lays out what should happen to your money, possessions and property after you die. If you don't leave a will, then the law will decide what happens, and this might not be in line with your wishes.

A will is about more than just money. It's also about deciding who should look after your children, if you have any, as well as about putting financial arrangements in place for them once they become adults.

Supporting children

One way to support a child or loved one financially is by putting savings aside specifically for their education, or to help with university tuition fees. You could also give children a head start by saving towards their future retirement.

As with all savings, the earlier you start, the larger the savings pot will be when it is needed, and the more interest (and compound interest) you will have earned on the sum invested.

Caring for other loved ones

We are living longer, as a result of better healthcare and higher living standards throughout the world. One consequence is that more people are taking on the role of caring for an elderly parent or other relative.

How you care for relatives, and the role that you play, is a matter of personal choice. However, caring for an ageing relative can require specialist help and support, and may require you to stop work, or reduce your working hours. If you're providing long-term care for a relative at home, then support may be available from the government, including:

  • Financial support - towards the cost of care, or for home alterations to make it safer
  • Carer support - you may be entitled to care services to help with daily tasks
  • Benefits - you may be entitled to benefits for disability, or an attendance allowance

Protect what's important

Check out some of our protection solutions and see which ones are right for you. Find out more.

Financial wellbeing

Familiarise yourself with the terms you may come across as you explore insurance options.
There are many things to consider while shopping for insurance. Take the time to evaluate before buying a policy.
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Keep yourself safe and secure from scams and fraud.