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    Ensuring the financial security for your family requires planning. Life is unpredictable, and life insurance gives you the ability to protect your loved ones when you can’t.

    But which insurance policy to choose?

    The world of life insurance may seem complex; there are all sorts of life insurance products available. However, the Level Term life insurance stands out as a truly effective way to provide for your family when you’re no longer there. Unlike usual life insurance, where coverage is limited to a specific term or period of your life, Level Term life insurance offers coverage till you are alive without any increase in premium.

    Understanding level Term Life insurance

    So, to understand the importance and benefits of having indefinite or Level Term Life life insurance in your portfolio, we asked Yamini Agarwal, Head of Insurance at Global Finance to outline to us how Level Term Life insurance works.

    “Level Term life insurance ensures that your loved ones will be taken care of, no matter when the unfortunate event may occur,” explains Yamini Agarwal, Head of Insurance at Global Finance. The primary purpose of this type of life insurance is to protect your family in the event of your death. It is not about the person who is insured; it’s about the people they leave behind.

    “Level Term life insurance provides a safety net for your loved ones, offering financial protection and stability during difficult times,” Yamini emphasises.

    This type of life insurance offers coverage for the entire duration of your life, or until you decide to cancel the policy. The designated beneficiary or beneficiaries receive the sum assured upon your passing.

    Fixed premiums

    With Level Term life insurance, you pay a fixed premiums throughout your life term. This means that your premium payments remain constant. They don’t become more expensive as you age, as is the case with many term life insurance policies. This makes it easier to budget and plan for your monthly payments.

    “Having a fixed premium provides peace of mind and stability, allowing you to focus on other financial responsibilities,” adds Yamini.

    Should Level Term life insurance be part of your financial planning?

    Life is random, but “life insurance provides peace of mind, no matter what happens,” says Yamini. With the right life insurance in place, there can be financial security for those left behind when it’s needed most.

    There is no one-size-fits-all insurance policy.

    As with everything in life though, each type of life insurance policy option has its pros and cons. The right life insurance policy for you will depend on your short- and long-term financial goals, assets, debts, cash flow and attitude to risk.

    Term insurance could be a better option if you are wanting keeping insurance cover for a short period.

    However, if you are looking for long-term protection for your family’s financial well-being and peace of mind for both you and them, then Level Term life insurance could be the answer.

    Even if you have no other substantial assets to pass on, Level Term Life insurance creates an inheritance that can help shape your family’s future. It can also be used to settle any outstanding debts so your loved ones to continue on without the burden of financial liabilities taken by you.

    Here to help you ensure a brighter tomorrow.

    To find out which life insurance policy would be the right fit for you and your family, talk to an experienced insurance broker at Global Finance today on 09 255 5500 or sending your requirements on info@globalfinance.co.nz

    The information and articles published are true to the best of the Global Finance Services Ltd knowledge. Since the information provided in this blog is of general nature and is not intended to be personalized financial advice. We encourage you to seek Financial advice which is personalized depending on your needs, goals, and circumstances before making any financial decision. No person or persons who rely directly or indirectly upon information contained in this article may hold Global Financial Services Ltd or its employees liable.