Life is unpredictable.
It’s a rollercoaster.
One thing we all worry about is what will happen to our loved ones if the worst was to happen to us.
Apart from the emotional and personal turmoil there is the financial impact. The purpose of any life insurance policy is to provide protection and an income to the family. To ensure that they are provided for financially.
Some of the most common and popular policies are:
Whole of life insurance
This covers you for the whole of your life.
You keep paying into a policy and your family gets paid out in the event of your death no matter when that is. It is not for a fixed period but for the whole of life.
This is the best policy if you do not want to constantly renew and worry about if your policy is due to expire.
These tend to be more expensive than Term Life cover, which only cover a set period of time.
If you have a partner and want to make sure that your other half, and children, will be looked after if one of you should die, then a joint life insurance policy could be right for you. It insures two people at the same time, and pays out if one of you passes away.
Critical illness cover
Critical illness cover pays out if you fall seriously ill, usually with a single lump sum payment.
You must make sure you know what is covered and for how long.
If you are ill and cannot work due to one of the covered conditions, this type of policy ensures that you will receive a payout.
This policy can be joined onto the whole of life cover policy as an add on and the payout is usually a portion of your entire life cover.
Terminal illness cover
Terminal illness cover will pay your family a lump sum if you’ve been diagnosed with an illness from which you will die in the next twelve months.
This may be a devastating time for you and your family, and having terminal illness cover can help you all by easing your financial worries during this time.
This feature is usually an add-on option to the other type of policies.
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