There’s more to life cover than providing financial support in the event of death.
Life insurance pays a lump sum on your passing or the diagnosis of a terminal illness. Whatever financial provisions you have in place for your family, life insurance is there as a top up. This provides you with peace of mind knowing your loved ones will be taken care of after you’ve gone. You can arrange for repayment of loans, mortgages, credit cards and even funeral expenses. Plus you can help provide for day-to-day living expenses such as school fees and bills.
Trauma insurance pays a lump sum on the diagnosis or occurrence of a specific illness. The list of illnesses covered includes heart attack, cancer and stroke. Should you ever need to claim, your payout may help reduce your working hours, spend time with your family, pay for treatment or rehabilitation, employ a carer and alleviate other unexpected worries.
Income protection insurance
This insurance provides a replacement income of up to 75% of your current income if you’re unable to work due to injury or illness. It can cover short or long periods and offers different waiting periods to suit your needs. Depending on the policy, payments may continue right up to the age of 70 if the disability is ongoing or permanent.
Total and permanent disability insurance
This insurance pays a lump sum if you are unable to ever work again due to permanent disablement. You can use the payout to pay debts, cover medical costs and provide extra income to help maintain your lifestyle.
A funeral plan is a wise and thoughtful provision for your loved ones. At what will already be a devastating and stressful time for loved ones, it will ensure they aren’t burdened with the financial stress of funeral expenses.