Life cover pays out in the event of your death – either as a lump sum or as a monthly benefit. This type of cover can support the loved ones you leave behind, and if you’re a business owner or shareholder, it can secure the business’ long-term survival.
You can also choose to have your life cover paid out early if you are diagnosed with a terminal illness.
Life Cover can help with things like:
Repaying debts or mortgages
Providing an income for the family left behind
Payment of funeral costs and special charities
Some things to consider
Many people die before the age of 65. Most of us think we’ll live to a ripe old age, but one in six males and one in nine females over the age of 30 will die before they reach 65.
How long can the family last without the income of the primary income earner? How long could your family survive without the income you generate?
How is the mortgage paid when the primary income earner dies or becomes terminally ill? Who would pay the mortgage if your income stopped, and how long could they keep it up? An insurance claim could be used to clear or reduce an existing mortgage.
Raising a family as a sole parent is hard work. With life insurance the long term care of the family can be maintained. If you died suddenly, your partner or spouse would have the task of raising the children without your help. Life Cover can take care of your family financially, making it easier to maintain the lifestyle they’re used to.
Life insurance only becomes more expensive as you get older, so there are many benefits to taking it out now while you are young and healthy.
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