What is Life Insurance & How can it help me?
Life Insurance or Life Assurance is financial security for your dependent’s in the event of your death.
Money can’t replace a dead loved one, but it can help their dependent’s ease off financial tensions—such as repayment on mortgages and have a substantial income to cover general expenditure.
The Kinds of Life Insurance
Several kinds of Life Insurance are available. Your circumstances will decide which one works for you. The insurance can either be in a lump sum or in the form of a regular income once you’re dead.
The simplest kind of Life Insurance, with a Term insurance, you can choose how for long you’ll be covered—such as 20 years. If you die during this “term,” the policy will have to pay. This can also be done in the form of a couple, with the policy paying when one of you dies during the term. Depending on what you need, a Term insurance may vary.
Family Income Benefit Insurance
Similar to Term Insurance, this insurance comes in the form of a regular income and not in the form of a lump sum once you die. This could suit you better if you plan on having long-term financial support planned for your dependent’s after your death.
Whole of Life Insurance
This insurance comes in the form of a lump sum once you die, but only as long as the premiums are still being paid until your death.