Since the inception of insurance, its main aim has been to transfer risk, which eliminates the anxiety of potential loss. When you purchase life insurance, you are planning for your family’s well-being when you’re gone. You don’t want your family to have to uproot their lives and adapt living standards, because you are no longer there. There are important benefits attached to having a life insurance policy, some of which I will discuss with you here.
Family first
If your paycheque is an important part of seeing your family through the month, life insurance is no longer optional. It replaces your income if you should pass away, which is extremely important for parents of young children. Your spouse/partner would still need help with cleaning, laundry, cooking, childcare and some unexpected expenses related to having children. By taking out a life insurance policy, you are ensuring that your better half does not miss a beat when it comes to these responsibilities.
Paying off debts and other expenses
The unfortunate might happen – you may pass away before your mortgage is paid off. Will your partner/spouse be able to handle that expense on their own? What about credit cards and car loans, or your funeral expenses? Having a lump sum payout can help your family get through what will already be a difficult time.
A possible inheritance
You may not have other assets to pass to your heirs, but adding them as beneficiaries on your life insurance policy is a great way to make sure you set them up for a solid financial future. It is probably a parent’s greatest wish – to have their children taken care of, without them having to suffer.
Hollard offers Life Cover up to R1.2 million, with no medical tests required. If you’ve had an HIV test within 12 months of applying and the results were negative, we offer an additional 30% cover amount at no extra charge! This doesn’t mean that you should be HIV-negative, though, we will even insure you if your status is positive! Our policy includes an interim accident benefit of up to R500 000 that covers you for accidental death from the moment you apply. The added terminal illness benefit allows you to claim 100% of your life cover in advance if you have a year or less to live. We encourage you to be healthy, therefore we’ll give you a 10% discount if you’re a smoker intending to quit within the next year.
Make sure your family is taken care of if anything should happen to you.
Contact one of our friendly consultants today for peace of mind about your family’s future.
