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Life Cover:

Introduction

Like most material things, we also need to insure our lives. Most people would never drive a car that does not have insurance. You must view life insurance in the same way. Not having suitable life insurance can leave your family in financial turmoil. Life insurance policies were traced back to the early 1800’s. We can see evidence of insurance as far as 1750 BC.

Life insurance will usually pay upon your death, or after a set period. For example, some life policies can be designed to start paying you at a certain age. This way you can receive income from your investment after you retire. Life insurance was not designed to replace your retirement policies. Life insurance will give you peace of mind that regardless if you outlive your policy, you will receive some remuneration.

There are many reasons why a person needs life insurance. Some consumers will opt for life insurance to settle debt, protection against loss of income or future compensation. It can be devastating if you do not have life cover. Unlike funeral cover, life insurance will take care of your financial responsibilities after die. Life insurance is one of the most important insurance policies a person can have.

What is Life Insurance?

Let's look at some basics.

Life insurance was designed to take care of your family financially when you are not there. Your life insurance plan can be moulded to fit your lifestyle. For example, you need to determine what your current financial situation is. If you have debt, the family must settle, you can make provision for this in your life policy. If you have people relying on you financially, you can provide for them after you depart.

There are various life policies available on the market. It is important to make sure that the strategy you choose fits your needs. In relative terms, it’s an affordable way to plan for your future. You pay a monthly premium into a fund that will eventually pay to your beneficiary.

It is always best to speak to a financial planner if you are unsure about your requirements. There are many options when it comes to your life insurance plan. We represent various reputable providers and can give you multiple quotes.

Peace of Mind

Death will happen to everybody sooner or later. It could be tomorrow, or in 50 years. No amount of money can replace a person. Life insurance can help provide protection for some uncertainties of life.

Pay Off Debts

Nobody wants to leave their family with outstanding debt like a mortgage, credit cards, car loans, etc. Life cover can protect your family against extra financial burden while they are suffering emotionally.

Financial Security

Quality life insurance can potentially help your kids get through school & university when you are gone. Like most parents, you probably want to make sure your children are financially taken care of after you are gone.

Leave an Inheritance

Even if you do not have any assets, a life policy can help create an inheritance for those left behind. An affordable life insurance policy can potentially help provide a solid financial future for your family.

What can Life Cover do for you?

It can help protect your family's
financial future when you are gone.

Common Types of Life Insurance

There are various types of life insurance. Typically, you will be offer permanent or term life cover. Term life cover will usually be a less costly option. Term life insurance can provide financial protection for a specific duration e.g. 10 or 20 years.

Whole life insurance is a type of life insurance policy that offers lifetime cover. Lifetime cover usually costs more than term cover. Premiums will usually the same for the term. A whole life policy will usually have a cash value.

Some life insurance plans can be broken up into different sections. This way you can allocate funds for specific requirements. For example, you might need to allocate funds to the following:

•    Education
•    Household Needs
•    Medical Needs / Healthcare
•    Debt
•    Death Related Needs

Needs Based Life Cover


It is vital that you establish your exact needs. The more targeted you engineer your life insurance plan, the more effective plan you will have.

Some life insurance providers will offer a life insurance policy that changes with your needs. As we grow older, our financial needs change. Some providers have made provision for this. You can, for example, change allocated funds from one section to another. This way, if, for example, you become debt free, you can allocate funds to healthcare.

Life insurance policies will usually have some exclusions. Common examples include claims relating to suicide, fraud, war, riot and civil commotion.

Life Cover Icon

Life Insurance Premiums


Life insurance premiums are calculated using various elements. Traditionally a person’s risk will be determined using the following categories:

Standard: A person in good health with a relatively low-risk lifestyle and average cholesterol.
Preferred: A person with very good health and family medical history. Low cholesterol and low-risk lifestyle.
Super-Preferred: A person with excellent health and family medical history. Very low cholesterol and low-risk lifestyle.

Many variables determine the final cost of your policy. Overall health and family medical history are very important elements. A massive factor will be, for example, the use of tobacco. Smokers pay a higher premium than non-smokers do.

How Can I Get Covered?

We have a life insurance specialist available to meet with all our clients. Please complete the basic contact form anywhere on our website. A friendly consultant will phone you to arrange a face-to-face meeting.

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