Why Life insurance, maybe that’s the question you are asking? Well its simple, we all need protection and knowing that you are protected gives you courage to go on. Someone is probably saying what if I never need and I am probably just wasting money on insurance that I could use elsewhere?
Well this is planning for the future, with life insurance you can make sure your family is protected, even in the event of your death. Consider it your last act of love and kindness for your family. Having Life Insurance provides you with peace of mind so that your family gets all the financial support in case something unforeseen happens to you. A life insurance may be used to pay off the remaining loan amount and keep the home for your family. It’s not just about preparing for tomorrow but also now getting the best insurance cover for less also matters.
Let’s face we still need to look after our family now and getting a lower insurance premium with a higher insurance payout is a bonus. Do I have your attention now, certainly hope I do. As a resident of South Africa you have three types of life insurance policies to choose from. They are: whole life insurance, term life insurance anduniversal life insurance.
Whole Life insurance offers level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force.
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary.
Then there is Universal Life Insurance. A permanent life insurance policy has three components – the death benefits (protection), the expense component and the cash value component. A universal life insurance policy will differentiate and itemize these three components, which will allow for more flexibility in the policy. The policy owner then has the facility to modify the face amount or the premium rate (under specific guidelines) to meet with changing circumstances and needs in his or her life.
Take some time to examine life insurance and what product would best fit your needs and guarantee your family a secure financial future. We can get quotes for you from different insurance companies enabling you to choose the best life insurance product that suits you and your pocket.