Life Cover for Cash – Providing Cash for Your Family when You’re Gone
May 2, 2018
If you’ve got people who are depending on you financially, you’ll need life insurance. Let’s say you don’t have any dependents and you have enough wealth to cover your debts. In fact, you have enough to pay your way through everything. In that case, life insurance won’t be a necessity for you. Here we will have a look at life cover for cash.
Life cover is simply about providing cash for all those expenses your family will face when you’re not there.
If you owe money, you’ll want life cover. Because how will all your bills be paid if you no longer have a job? Certainly, the millennial generation – those born roughly between 1980 and 2000 – will need life insurance. That is because they’re changing jobs, getting married, buying a home, having a baby and travelling.
They’ll want life cover to protect their children, but to also protect themselves against South Africa’s unstable economy.
Protected against South Africa’s Unstable Economy
Today you might have a job, but no-one in today’s unstable economy can guarantee that tomorrow you’ll still have one. Also where cancer and heart disease were the realms of old people. These days, Many new diseases are attacking younger people. Putting them out of a job and out of the mainstream of life.
Your Circumstances Determine your Premium
There are things to consider when you start calculating your life cover requirements. You’ll be looking at your number of dependents, your assets, liabilities and estate costs.
As we’ve said, one of the biggest factors for life cover is for income replacement, more so if you’re the sole bread-winner in the household. The amount of life cover you choose should be such that it is able to ease your family’s financial burden such as paying the bond for the house, taking care of school fees, medical costs and so on.
You can opt for the life cover amount to be paid as a monthly income if the idea of one large sum of cash doesn’t appeal to you. A monthly annuity is a popular choice because then the dependants don’t have to worry about the responsibility of investing the lump sum wisely in terms of inflation and interest rates.
Life cover is such that you have to be looking at- and analysing it every two years or so. This is because your personal life will change with the passing years. So you need life cover that provides you with the flexibility to change your cover when you need to.
See what others are Saying – Life Cover for Cash
When you’re looking for excellent life cover in South Africa, you’ll find good life cover comparison sites such as Hippo, who will provide you with the names of several companies so you can find the very best rates.
With research, you’ll also be able to look at ‘the best and worst life insurance in South Africa, as well as see what the South African Customer Satisfaction Index says about some of these life cover providers.
You’ll come up against names such as Liberty, Sanlam, Momentum and Metropolitan and the Customer Satisfaction Index will advise you on what customers have to say about them and their products and services.
No Unpleasant Debt Carried over – Life Cover for Cash
Life insurance is a must if you want to be able to provide the funds to your family members when you die, but it is also an awesome way to pay off debt and allow your family to start a new chapter of their lives without you in it and also without any of your debt.
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All info was correct at time of publishing