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5 Reasons Why You Need Life Insurance

5 Reasons you Need Life Insurance

One thing that has always surprised me is the rather small number of people who actually have life insurance. In South Africa, it is important to have some form of protection. It seems that most people turn a blind eye to the idea of life insurance simply because they believe it to be nothing more than an unnecessary expense. On this page, I am going to talk to you a little bit about why life insurance is not an unnecessary expense. In fact, it should be one of your most important expenses each month. I hope that by the end of this page you will be keen to go out there and get a couple of life insurance quotes.

There are a couple of types of life cover policies. Each provider will have unique benefits. We can help you find the best product for your needs. We understand the industry and can help you find the best options on the market. Feel free to read more below on some of the main reasons you need this type of insurance.

1: Helps to Protect Your Family and Loved Ones

If your family depends on your income in order to function (i.e. to purchase food, pay the mortgage or rent, and other bills), then it is vital that you have life insurance in place. This is because life insurance will ensure that your family continues to receive income even in the event of your death. The life insurance may even help to cover a few additional expenses that may have arisen because of your death (childcare, cleaner etc.)

2: Leave an Inheritance

The vast majority of people are not going to have any assets that will pass to their heirs upon their death. Life insurance will act as a pseudo inheritance. If you name your family members as beneficiaries on the policy then they will receive a pay-out upon your death. The family member can benefit from this in a multitude of different ways e.g. a child could use the pay-out to attend college. There are many single breadwinners in SA. Planning for your family is the right thing to do. You can help your child get a decent education. At the very least, you can apply for a free life insurance quote. Each quote will be unique. It depends on your needs.

3: Cover Debts and Expenses

Just because you have died does not mean that your debts have died too. The debt collectors will try to get any missing payments from the estate. If they take money from the estate then there will be less money for your beneficiaries. Life insurance will help to cover any debt that you may have left behind when you passed on. This means that they are not left with the financial burden amidst the rest of the stress that they are going to be suffering from.

4: Funeral Expenses

Some life insurance policies out there will cover funeral expenses. This is especially important as the average funeral is tens of thousands of Rands nowadays. You really do not want your family to be paying that out of their own pocket, right?

5: Brings Peace of Mind

Most people do not want to talk about death. In South Africa, it is very much a taboo subject. It is something that has to be thought about though. If somebody dies then you need to know what is actually going to happen in terms of finances. One of the biggest benefits of life insurance is that it will provide both you and your family with peace of mind. This means that you will be able to continue to live your life free of worries.

6: Potential Providers

Many companies out there offer life cover. We represent BrightRock, Altrisk & AVBOB Life Division. They all cater for different markets. We are confident that one of them will be able to give you what you need. To get a free quote, simply complete our contact form. We will phone you as soon as possible to book an appointment.

Klement J.
Klement J.
Co-Founder & Marketing Director of InSHoor™