Life insurance is a type of insurance policy taken out to provide financial support to preserve your way of life or that of your family, in the event that you experience an accident, serious illness or death.
Life insurance pays out a single lump sum if you’re no longer here or are diagnosed with less than 12 months to live.
If you have a partner, family or someone who would be financially impacted by the loss of your life, then taking out an insurance policy can assist in safeguarding your wealth and their future.
Life insurance is an important insurance to take out to safeguard the financial future of your partner and family, in the event of a serious accident, illness or death.
Life insurance is used to cover the future financial costs expected to help your partner and family continue to live, pay off any debts, pay for schooling and other costs including a funeral. You work with your insurance broker to determine a suitable amount of coverage, dependent on your individual circumstances.
The amount of life insurance you need is dependent on your circumstances. It is recommended that you consider the costs involved for your partner, family or children to financially survive without you. In your insurance coverage calculation, it is important to consider how much would be needed to pay off any debts you have, providing for your spouse, getting your children through school and other costs including funeral expenses.