What to Consider When Choosing Life Insurance
Term Life vs. Whole of Life Cover:
Term life insurance covers you for a set period (e.g., 10, 20, or 30 years), paying out if you pass away during the term. Whole of life insurance guarantees a payout whenever you die, making it ideal for those seeking lifelong protection.
Level Term vs. Decreasing Term:
With level term insurance, the payout amount stays the same throughout the policy. Decreasing term insurance is often used for covering debts like a mortgage, where the payout reduces over time as your outstanding balance decreases.
Critical Illness Cover:
Consider adding critical illness cover, which provides a lump sum payout if you're diagnosed with a serious illness. This can help cover medical bills, loss of income, or other financial needs while you recover.
Amount of Cover:
Calculate how much coverage you need by considering factors like outstanding debts (e.g., mortgage), living expenses, education costs, and funeral expenses. The right policy should ensure your family can maintain their lifestyle in your absence.
Policy Length:
Choose the right policy term based on your life stage and financial commitments. For example, you may want cover that lasts until your children are financially independent or until your mortgage is fully repaid.
Joint vs. Single Policy:
If you’re part of a couple, a joint life insurance policy could cover both of you under one plan. It usually pays out on the first death but leaves the surviving partner uninsured afterward. A single policy for each individual can offer more flexibility.
The information contained within this webpage is for editorial purposes only, and not intended as financial advice
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