Insurance Life Cover
Insurance Life Cover is also known as term life insurance, or death cover. It provides a lump sum payment in the event of the life insured’s death, or diagnosis of a terminal illness where life expectancy is less than 12 months. Insurance Life Cover can also help cover debts, provide for future education, cover living expense and I used for business purposes.
Term Life is a simple financial tool but it is also powerful in what it can deliver for you. Here are some frequently asked questions:
What is Insurance Life Cover?
It’s a personal Life Policy that pays out a Lump Sum in the event of death.
Similar to car insurance – if you pay the premiums you are insured, if you don’t the policy ceases – it has no savings component. Generally with many companies the plan is guaranteed renewal until the age of 99
Why do I need Insurance Life Cover?
Nothing could be worse than to lose a family member prematurely – the emotional and financial impact could be overwhelming.
If you have not built up the necessary assets then Term Life Insurance will provide the CASH – put food on the table, a school of your choice for the children, a good car……….in fact everything that makes up a lifestyle with dignity.
How much do I need?
The matters which will require assessment are:
- Your debt reduction needs
- Provision for future purchases, investments etc.
- Future education expenses for children.
- Income generation requirements should you lose the income of a main income producing partner
Can I get a tax deduction on Insurance Life Cover?
Under certain circumstances you are able to obtain a deduction, please contact us for information on how to do so.