If you are the breadwinner in your family, or even if you and your partner share the costs 50/50, your spouse and your family's future depends on your monthly income to pay living expenses. What would happen if you told them if you are no longer around?
This is where life comes handy cover. Life cover is about ensuring that for the monthly premium, your family will be discussed in terms of your passing. This money can be used to pay for the funeral, and the cost of running your home, or just leave some money as an inheritance for those you leave behind.
Various types of policies covering life, which fall into two main categories namely, cover term life and whole life include:
When life insurance is insurance taken out for a certain period, which could be anywhere from 10 -30 years. This is a cover that is more flexible in the sense, but also risky, because if nothing happens to you that you could end up losing all your premium. But you can renew your policy at time period has elapsed.
Assuring you for all your life, and in case of illness or death you are covered. It is more expensive than term insurance but the premiums remain the same throughout. You can always choose to cash in your policy if you like, and these funds are ideal for a retirement plan, tuition fees or any other needs you might have for money.
