Personal life insurance is generally taken out to cover your changing risk needs as you progress through life. It protects your loved ones, giving you and your family peace of mind.
It's an insurance policy that, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In addition to life cover, your Life insurance should be flexible and adaptable, covering you not only on death, but also on disability or critical illness. Because you cannot predict the time of your death the best time to get life insurance is now. The earlier you start the more cost effective it will become. If you wait, you run the risk of developing certain medical conditions later in life that will penalise you when acquiring life insurance.
The amount of life insurance required varies by age and individual circumstances. Finmar will provide you with life insurance advice so that the long term insurance cover matches the requirements of your lifestyle and estate planning.
1. LIFE, DISABILITY AND CRITICAL ILLNESS INSURANCE
When choosing a life policy it is always important to ask yourself:
- Will those I leave behind at death have enough money to meet their needs into the future?
- Will my children be able to complete their education if I am unable to provide for them through death or disability?
- Can my debts be met if I die?
- If I am disabled will I be able to support myself and my family?
- Will I be able to save enough money to provide for my retirement?
2. DISABILITY BENEFITS
You can add value to your life policy with disability cover that will cover you for temporary or permanent incapacity resulting from injury or disease. This disability may mean that you are medically unfit to work. You will then be paid a cash amount to look after your needs into the future.
3. BUSINESS LIFE ASSURANCE
Keyperson Insurance: Many businesses nowadays have one or more individuals on whom it relies heavily for its overall success. The unforeseen death of a keyperson can result in the business being put under severe financial pressure and/or severe financial loss to a business. Keyperson insurance therefore guarantees that money will be available to absorb this shock, protect existing credit facilities and provide the necessary funds for the recruitment and training of a new person or people.
Business Insurance: Business insurance alleviates many of the problems that arise on the death or disability of a partner, shareholder, close corporation member, sole proprietor or keyperson. It provides all that personal insurance does and more - ensuring business continuity and in some cases, may even strengthen the business structure.