Life Insurance is the cornerstone of financial security, protecting the insured’s family and dependants from financial loss arising from his or her death. Reasons for personal life insurance may include:
- to protect the family from financial hardship if the primary income earner should die
- to provide financial security and pay off debts and liabilties, for example a home loan
- to provide for children’s education in the event of a parent(s)’ death
- to replace lost income
Term Life Insurance
Provides a lump sum payment to a beneficiary in the event of your death. It could include special features, such as:
- a special event benefit that enables the insured to increase cover upon taking up a new mortgage or increasing an existing one; or on the birth or adoption of a child;
- funeral or bereavement support could provide for immediate payment of a portion of the lump sum in the event of a claim;
- insurance for children;
- or life cover that does not exclude death caused by war or riot.
provides a monthly income, instead of a lump sum payment, to the insured’s family in the event of your death. Monthly payments continue for a pre-determined period of time. Accidental Death Cover – a life insurance benefit that pays a lump sum if death is accidental. This benefit should only be used in special circumstances where normal Life Cover can not be considered. Total Permanent Disablement (TPD) – provides a lump sum payment in the event of total and permanent disablement caused by accident or illness. Generally combined with a life cover or other insurance covers.