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Making Money
S4E9: What if the worst happens? The insurance you need (and what you don’t)
Sep 9, 2024
Naomi Greatorex, Managing Director of Heath Protection, dives into the essential world of insurance. She discusses the often-ignored significance of various insurance types and shares shocking personal risk statistics that highlight the unpredictable nature of life. Naomi clarifies the differences between critical illness insurance and income protection, while also emphasizing the importance of honesty in health disclosures. She encourages listeners, especially new parents, to reassess their coverage and explore the advantages of using brokers for better deals.
57:50
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Quick takeaways
- Insurance is vital for safeguarding against unforeseen life events, with one in four people facing critical illness before age 65.
- Understanding various types of insurance, like critical illness and income protection, is essential for achieving comprehensive financial security.
Deep dives
Understanding the Necessity of Insurance
The conversation highlights the often overlooked significance of insurance as a safeguard against unforeseen life events. Many people tend to avoid thinking about critical illnesses or accidents, believing they will never face such challenges. However, the reality is that one in four individuals may experience a critical illness before the age of 65, underscoring the importance of having protection in place. Understanding different types of insurance such as life, critical illness, and income protection is essential for ensuring financial security in the face of unexpected hardships.
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