If you have a family, planning to have one, a partner that you’re supporting or any other dependents, a bond or loans to pay off, you should definitely consider taking a life cover. There are many benefits to your family and dependents in the event of your sudden death, and for you it will give the peace of mind that cannot be underestimated.
The main purpose of getting a life cover is to ensure that your family would not find themselves in dire financial situation in the event of your death. The funds could be used to pay off your home loan, put your kids through college education, pay any other outstanding debts, or simply manage the costs associated with the funeral of the breadwinner. It is very important to nominate a beneficiary of your life cover.
For business owners, having a life cover could mean saving their business from going into liquidation after their death. It can ensure its continuity until alternative arrangements like a takeover or sale of the company are made.
There are cases where taking a life insurance is a formal requirement, for instance by lenders before approving a home loan. So, if you’re planning to buy your own place, it might be a good idea to get a life cover in advance. Life cover products have evolved and developed over the years, and many insurers now offer different types of plans, like whole life or fixed term cover, or universal cover which includes an investment option. If you are considering getting a life cover, but are lost among all the options and different providers, don’t hesitate to fill out your details on our site and one of our qualified agents will call you back to assist with getting the most for your money.