Protect your loved ones’ future with life insurance and ensure their financial security when you’re no longer there to provide for them
This cover provides financial support to your loved ones in the event of your death, paying out a lump sum of money that can be used to cover expenses such as funeral costs, outstanding debts, and ongoing living expenses. Different types of life insurance policies are available, including term life insurance and whole life insurance. The coverage amount and premiums can vary depending on factors such as your age, health, and lifestyle. Life insurance can provide peace of mind, knowing that your loved ones will be financially protected if something were to happen to you.
Financial security for loved ones
Your family can maintain their standard of living and cover expenses such as rent, mortgage payments, and other bills with the payout from the policy.
You can use life insurance as an estate planning tool to help your beneficiaries pay any estate taxes that may be owed upon your death. This can ensure that your assets are distributed according to your wishes.
Peace of mind
It can give you peace of mind, knowing that your loved ones will be financially taken care of in the event of your unexpected death.
How we can help you with Life Insurance
Frequently asked questions about Life Insurance
To determine the appropriate level of coverage for your individual situation, you should work with a qualified financial adviser. Several factors influence the amount of cover you need, such as your income, debts, and dependents. You should consider how much your family would need to cover living expenses, debts, and future expenses. Although a general rule of thumb is to have cover equal to 10-12 times your annual income, your individual circumstances may vary.
You can choose from different types of life insurance policies, including:
- Term: This policy provides coverage for a specific period, such as 10 or 20 years. The premiums are usually lower than other policies, but the coverage ends when the term expires.
- Whole life: This policy provides coverage for the policyholder’s entire life as long as premiums are paid. It also includes a savings or investment component that can accumulate cash value over time.
The factors that determine the cost of premiums include:
- Age: Insurance companies usually charge higher premiums for older people than younger people.
- Health: Applicants who are in good health usually get lower premiums than those with health issues.
- Lifestyle: Certain lifestyle factors, such as smoking or engaging in high-risk activities, can result in higher premiums.
- Occupation: People with high-risk occupations may have to pay higher premiums.
- Amount of coverage: The premium usually increases with an increase in coverage amount.
- Type of policy: Different policies (such as term life or whole life) have varying premium structures.