The story

I like to think of my life insurance policy as a big black safe that’s installed in my house.  

I rent the safe from a life insurance company. It contains all the money I’ll need should something terrible happen to me. If something like that happens, the safe’s door will open. The insurance company guarantees to open the safe when needed for as long as I pay the rent.

There are two shelves in my safe. The middle one is labelled ‘Life Insurance’. There’s lot of cash on this shelf. It’s for my family to use if I’m not here. I check on the stacks of cash every couple of years to make sure there’s enough in there for them. My family can scoop all the money off this shelf if I pass away, but there are times that I can take some money out too. For example, if I’m terminally ill, permanently disabled or diagnosed with a traumatic condition or critical illness, like cancer. There’s enough in there to help in all these situations. It’s quite an impressive safe.

The bottom shelf is where the bulk of the cash is. It’s labelled ‘Income Protection’. Anytime my doctor says I’m unable to work due to illness, injury, accident or sickness, the safe door will open every month so I can take enough cash out to replace most of what I would have been paid if I was at work. I get to open the safe once a month until I’m well enough to return to work. Once I’m back at work, to door doesn't open any more. But if something else happens that stops me working in the future, including the same condition, I can use the safe over and over again while I’m off work until I’m sixty-five years old. That’s why there’s so much cash on the bottom shelf.

My safe is unique to me and my family. When it’s time to install your own safe full of cash at home, there are a lot of combinations of cover available. Pick the options that are right for you. Ask for help to be sure.

The End