Life Cover
Leaving a legacy for your loved ones and family is all about planning. Life Cover will take care of your family and financial commitments when you no longer can.
- Provides your family with money to pay for living expenses.
- Settles big debt, like car repayments or a bond.
- Pays for children’s education.
What is Life Cover?
Ensures that your family has sufficient income.
Life Cover ensures that your financial responsibilities are taken care of in the event of your death. It replaces the income you would have earned during your working life, ensuring that your family is financially secure.
When should I get Life Cover?
If anyone depends on you financially, the earlier the better.
Although age may play a role in how much Life Cover you need, the decision to take out Life Cover has nothing to do with age. If anyone else depends on your income, you should consider taking out Life Cover. For example, if you’re married, you and your spouse may want to take out Life Cover for each other. Many married couples rely on two incomes to cover their monthly expenses, and if one spouse dies, the other spouse would need to cover those expenses on one income.
It is advisable to buy Life Cover earlier because you never know when you are going to need it and, as you get older, Life Cover gets more expensive.
How much Life Cover do I need?
Consider what your loved ones will need in the coming years.
To find out how much Life Cover you need, work out what portion of your income your family needs today. Because that is what they will need if you die tomorrow. The next step is to calculate the lump sum that will generate this income up to your planned retirement age, taking inflation into account.
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Claims and payouts
