Life insurance provides financial support and relief to your family in the event of your death. None of us ever want to think that we will need life insurance, but since you cannot predict your future, life insurance will provide some financial comfort for those left behind.
The benefits of life insurance are many, but here are a few of the most common ways it is beneficial:
- Pay off the home loan
- Cover living expenses
- Pay any other outstanding debt
- Continue to raise children
- Protect retirement savings
- Pay for funeral expenses
If you are diagnosed with a terminal illness and death is likely in the next 12 months, you can have 100% of your life insurance cover amount paid in advance, allowing you to spend quality time with your loved ones.
Despite our best efforts, life doesn’t always go to plan and if something happened to you, your loss could affect those you love both emotionally and financially. If you were to pass away suddenly, it is likely that you family that your family will not cope with paying the monthly bills or making mortgage repayments without your salary. It is also likely that your family will experience some hardship and not be able to do some of the things they did while your salary was still coming in.
Having certainty of life insurance can help your loved ones to survive financially should the worst happen. Life insurance is designed to pay a lump sum if you die, protecting the lifestyle and future of those you care about. A well thought out insurance plan is a critical part of your financial planning. It is also immensely satisfying to know that you have made provision for your family for when you are no longer around.