There are many milestones in life that should get you thinking about Life Insurance. Find out how you can help protect your family's financial future.
Some people are uncertain about the right time to take out life insurance. While there are no hard and fast rules, there are some situations when greater financial protection should be considered.
Life Insurance provides important financial support for your loved ones in case you are no longer around. It may help your family to cover their debts, continue education and pay for any daily expenses like medical, utility or grocery bills.
Life Insurance can give you peace of mind that your family will be taken care of, which is why you may want to reassess your needs for cover when you experience a major change or milestone in their life.
Getting married? Think about Life Insurance.
One milestone that may cause you to think about Life Insurance is when you are getting married.
Starting a new life with someone brings with it all sorts of financial commitments—perhaps you support one another with your salaries, perhaps you own property together or have joint financial responsibilities like debts or loans.
Life Insurance can offer financial security to your spouse should you suddenly pass away, giving you peace of mind that they will not suffer hardship in the event of your death.
There are various different types of policy available, so which to choose largely depends on what level of cover you need and your personal circumstances.
Life Insurance companies will assess both you and your partner if you take out a joint policy.
Consider Life Insurance cover when having kids
By adding a little one to the family, you suddenly have a new financial dependent who will need to be taken care of in case of your death.
Life Insurance means you can live your life to the fullest in the knowledge that your whole family will be financially supported even if you are no longer around.
Even after the kids have left home, your Life Insurance can still be a valuable contribution to your partner who might use it to manage debt, pay for medical or funeral costs or save for retirement.
Cover can be important whether you are the breadwinner or not
Even if you’re not earning the majority of the household income, your contribution to the household is significant. Think of all the work you do to take care of the family.
If you weren’t around, it’s likely that others would have to be paid to do your job: child-care, housekeeping, shopping, cooking, and ensuring the kids get a good education. If you help your partner with their business, for example in a book-keeping role, this would also need to be outsourced at additional cost.
With Insuranceline, your policy can be joined with your partner’s and may benefit from discounted premiums. The payout from your policy could cover the cost of employing a nanny and/or housekeeper so your partner is able to continue earning an income.
Think about your other dependents
While your family are the obvious people who rely on you, Life Insurance can also be important if you are a partner in a small business. In this case it is possible to list your business partner as a dependent, with any payout helping them to keep things running in your absence.
You can get a quick quote online or if you would like to speak to an advisor, give us a call on 13 77 87.