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    Life Insurance


    Ensure your family or business can manage financially if the worst were to happen

    Life Insurance provides a simple answer to a very difficult question: What will be the financial impact when I die? That’s why planning for the future is one of the most important things you can do to ensure your family doesn’t have to face any financial hardship when you are not around.

    In simplest terms, Life Insurance is where the insurance company agrees to pay you, or the business, an amount of money if you die or become terminally ill.

    When would I need personal Life Insurance?

    If you have anyone who depends on you financially, including a business, you should have Life Insurance to ensure your dependents are not left with any financial hardship when you die or are unfortunate to be diagnosed with a terminal illness.

    If you fit in one of the categories below, you should think about having a Life Insurance policy:

    • Single with no attachment, or unmarried but supporting family
    • Married with, or without, children
    • Stay-at-home mother or father
    • Single parent
    • A key person in a business

    How can Life Insurance help?

    Life Insurance can help your family or loved ones cover the following expenses when you are not around:

    • Repaying the mortgage
    • Household maintenance
    • Raising children
    • Protecting loss of income or retirement savings
    • Funeral expenses
    • Pay for a dependent’s education
    • Leaving a legacy for your children or grandchildren

    Common Life Insurance myths

    Some common myths:

    • Life Insurance companies do not pay claims – All companies pay claim under life insurance as long as your family presents a genuine death certificate or a doctor certifies you have less than 12 months to live. and there has been proper disclosure of any pre-existing conditions when the policy is taken out.

    • If I’ve ever had an illness I won’t be covered – It is true the insurance companies may go to your doctor to get your health report to assess the level of risk they are covering. However, any health history uncovered will be factored in the premium and cover offered to you.

    • If I have Life Insurance through work, I don’t need Life Insurance – Life Insurance through work generally only covers a multiple of your salary but the cover amount may not be sufficient for your family. It is best to consider all your needs and assess if this is enough.

    • I don’t need Life Insurance – Unless you are Superman or Superwoman, or you don’t have anyone financially dependent on you, you’re risking your family’s financial well-being if you weren’t around or able to provide for them. If you are a key person in a business what will happen if you were no longer around to be that key person?

    • Life Insurance is expensive –  That depends on your perspective. It may be the most cost-effective ways of protecting those dependent on you from financial liabilities. Life Insurance is one of the cheapest forms of insurance you can buy. The premium is based on your age, gender, occupation, smoking status and health.

    • If I put the money away in a bank account instead of paying Life Insurance premiums, I should have enough for my family – This may work if you are able to save regularly and enough in time to meet your financial liabilities. However chances are there will be times when you may not be able to save quickly enough and may suffer an untimely health scare at some point in life.

    Why take business Life Insurance?

    This can be used to:

    • Eliminate/reduce debt
    • Replace revenue put at risk
    • Create capital for continued growth
    • Protect against contractual penalties for non-completion/ non-performance
    • Pay the costs to recruit your replacement people

    If you are a business-owner, Life Insurance can be used as an automatic funding mechanism to buy out the interests of a fellow business owner who has died or is diagnosed as likely to die within the next 12 months.