WHAT IT IS
Life cover is pretty straight forward but in our opinion, when we’re asked – “who should have it”, our reply is everyone. Life Cover insurance is your security blanket that takes care of your loved ones after you’re gone.
Life Insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person. Depending on the contract, other events such as terminal illness may also trigger payment. In return the policy holder agrees to pay a stipulated amount (the “premium”) at regular intervals or usually monthly or annually.
It’s vital to remember not all life insurances are equal.
There are some things to look for and some things to avoid.
Similarly, there are many options to consider beyond “the amount” and “the premium” – many of these are explained in our Glossary of Terms.
“Life Insurance” as a product can be:
- Term Insurance
- Whole of Life Insurance
- Endowment Insurance
- Permanent Term Insurance
- Annual Renewable Term Insurance
- 10 year level premium Term Insurance
- Accidental Death Insurance
And these products can include:
- Guaranteed Future Insurability
- Indexed or Non Indexed sums insured
- Premium Reviews
- Premium Loadings
Try and not get confused with all the terminology because that’s why we’re here. Our strength is to listen to your individual needs and budgets and break everything down to make life and life insurance easy and simple to do.