Life Insurance
This is insurance in its simplest form. If you die, a lump sum is paid out to whomever is named on your Life Insurance policy.
Every day you face a wide range of risks to your personal wellbeing and lifestyle. Life Insurance helps you minimise the financial impact of death or terminal illness on your family or business. Life Insurance provides security for a wide range of financial commitments by paying a lump sum on your death. This essential form of protection is used for a variety of purposes such as:
- Mortgage commitments
- Personal debt, such as loans or credit cards
- Security for business obligations
- Provide a lump sum to fund your family’s future lifestyle in the event of your death
If you have debts which you would like paid on your death, or want to create a capital lump sum that your family can draw upon to meet their needs, then life assurance is an essential part of your financial planning.
Generally the premium you pay for Life Insurance usually increases annually. However a lot of insurance firms offer you an option that they call "Level Term Life Insurance". This simply means that the premium you pay will not increase over time. This normally means you end up paying a little extra to start off, but over time you end up paying less.
Life Insurance is also a product that can be combined with multiple other insurance products.
Contact an InsuranceNet Adviser for more help.