Pure life insurance
Pure life insurance is cost effective, no-frills life insurance cover. The policy can be taken for a set period of time or for the whole life of the insured. Because a pure life policy contains no additional benefits, it is a relatively cheap way to ensure that your debts are settled in the event of your death.
If you have outstanding debts when you die, this could put your family in a financially hazardous situation. Not only would your loved ones have to shoulder the burden of meeting your outstanding obligations, there is also the risk that they could lose important assets if they fail to meet these payments.
Even if you are financially responsible, the sudden loss of income caused by your death – particularly an unexpected early death – will disrupt your household’s ordinary payments schedule.
A life insurance policy is an effective way of ensuring that your household continues to run stably. By paying out a cash lump sum to your beneficiaries, they will be able to meet your outstanding financial obligations. The cash sum can also be used to pay for critical expenses that emerge after your death.
Pure life insurance is no-frills life cover
Many life policies come with a host of additional benefits that, while useful, may put those policies out of the reach of some customers.
But this does not mean you have to go without life cover. Arguably, if you have reduced savings or your finances are strained because of your repayment obligations, your need for life cover is especially great. In such cases it is worth considering a pure life cover policy that will pay an assured amount if you die while the policy is active.
A pure life policy is also a good option if you are experiencing temporary liquidity problems and don’t wish to go without life cover for that period.
Speak to an experienced insurance broker about matching your income to a pure life policy, so that you can get adequate life cover at a price you can afford.Hollard offers competitively priced insurance in South Africa. A Hollard insurance broker can work out the right level of life insurance cover to match your budget.
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