Why Get Life Insurance?

A life insurance policy is something of a security blanket. It brings comfort as you know that your loved ones will be looked after in the event that something happens to you. This policy is designed to provide your dependants with financial support in the event you lose your life. One simple way to explain life insurance is to think of it as a financial safety net if you were no longer around. How much money would your loved one need to cover childcare costs, household bills and daily living expenses? 

Insurance Explained

There are two main types of life insurance policies: term life insurance and whole life insurance, and both are binding contracts between a person and a life insurance company.
With a term life insurance policy, you agree to pay a premium for a specific period of time, usually between 10 and 30 years. In return, the company guarantees a death benefit to your beneficiaries.
While with a whole life insurance policy provides permanent life insurance protection, it is designed to last your entire life as long as premiums are paid. It includes a cash value component that grows over time. The cash value can be withdrawn or borrowed from during your lifetime.

What does it cover?

Death due to natural or accidental causes are covered under a life insurance policy.

Some deaths due to some unnatural causes.