Family life insurance is a term coined to describe life insurance policies that protect your family financially if you were to suffer an untimely death.
Family life insurance does not provide insurance cover for your entire family but is used to categorise life insurance policies that are suitable for purchase if your objective is to secure your family’s financial future even in your absence.
Family Life Insurance
There are three different types of life insurance that you can purchase if you want a secure financial future for your loved ones. They are:
- Level term life Insurance
This type of life insurance pays out a fixed amount of money as payout and is only active for a given number of years (term). The insurance only pays out in case within the term of the insurance.
- Decreasing Life insurance
This type of life insurance is best suited for individuals who have personal loan ad mortgages, the burden of which they do not want their loved ones to suffer in case he or she passes away before they can pay back the money. This type of life insurance is unique as the value of its payout keeps decreasing gradually over the years, which is why they are cheaper than level life insurance policies.
- Joint Life Insurance
Joint life insurance is specially designed for a married couple, long term business partners etc. this type of insurance covers two individuals at the price of one insurance but the payout is only received once from the insurance company.
Ways life insurance can help protect you and your family financially
There are many ways life insurance can help protect your family. Some of them are highlighted below:
Critical illness cover – this is an extra benefit that can be added to your life insurance which will make sure all your finances are taken care of if you are diagnosed with a critical illness.
Inheritance tax- life insurance policy can help you save a lot on your taxes if you put your insurance into a trust.
The best type of life insurance policy to be purchased for this purpose would be a whole-of-life policy.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00