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How life insurance can help you and your family
The benefit of a life insurance policy is peace of mind. Should you die suddenly and unexpectedly, your family will have the financial means to cope.
Making provision to take care of all bonds, debts and liabilities is vital. Knowing which policies will best suit your needs is key to protecting yourself, and your family, from unexpected events. By having the protection that you need, when you need it, you give yourself and your family a tremendous advantage when things go wrong.
If you run a business, you certainly need life insurance to ensure the continuity of the business and adequately provide for the liabilities. As a business owner, there may be certain measures you should consider such as cover for your loan account, key personnel and, should you be in a partnership of some form, for a buy and sell agreement.
What does life insurance do?
A life insurance policy pays a lump sum (based on the policy's terms and conditions), after your death, to provide for your family or settle any debt like an outstanding amount on your car or home. Some life policies allow you to include disability cover.
A wide spectrum of life cover is available in the South African market. Term Life Insurance or Credit Life Cover would be ideal if you only want life cover for a certain period of time, for example; while paying a bond on your house.
What types of life insurance can you get?
Term Life Insurance is relatively cheap, but does not have an investment cash value. When the agreed cover period has passed, the cover merely expires.
Whole Life Cover expires after the policyholder’s death or when you surrender the policy. The insurance company invests your premium and you can borrow against the policy as soon as it has a cash value.
Universal Life Cover has an investment component included. Your return on investment depends on the performance of the investment. The growth rate is not guaranteed, but rapid growth is a possibility.
How much does it cost?
You should always compare costs and benefits of different types of life insurance policies before making your final decision. Life insurance premiums and processing costs depend upon various factors, which means, finding low cost life insurance is not impossible.
The internet has made it very easy to compare costs of policies and companies. You can get free life insurance quotes by just clicking your mouse.
And, don’t forget your insurance agent: they can suggest the type of life insurance that best suits your needs.
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