What Options Do You Have For Life Insurance For Your Family?
When you are getting ready to get married or buy a home there comes a time when you think you need life insurance for your family. If you do not have any, it is a good idea to look into it. There are a lot of things that can go wrong in life, but luckily a person can plan financially.
There are two options to consider when getting life cover for your family. The first is the cheaper option, known as term life. The second is more expensive and is known as whole life.
Term life is affordable and a lot of South Africans choose this policy. Nothing wrong with getting the cheaper option, at least you have a financial plan in place for your loved ones. There might happen something to you or a family member, and then the life insurance will come in handy.
What is the difference between the two policies? Term life cover only offers you a certain period cover, you choose the term and the amount of cover. The cover amount is less than what you can opt for with your whole life cover. Whole life offers you cover for you and your family’s entire life. Even if you reach the age of a hundred, you will be covered.
There are also additional options you can add to your life cover and it is:
- Critical illness cover
- Disability cover
- Or loss of income cover where the above are covered
It is important to have a financial plan in place. Death, disability or illness are unpredictable and you never know what might happen to any of the income holders in the family. When income is lost, at least with life insurance your family would have the finances to cover expenses.
The beneficiaries of life insurance will receive a big amount paid out to them. The money can be used for the funeral, medical, educational, debt, mortgage and so much more. The beneficiary can use the money as they please. If you are looking for life insurance quotes from various providers, then apply for free quotes here on our website.
After getting life cover for your family, take a look at drafting a Will & Estate as well.