Life insurance is a policy that provides financial support to your loved ones in the event of your death.
It can either pay out a lump sum or provide a regular income to help your family cope with the loss of income as well as the loss of a family member.
If you don’t have dependents or beneficiaries, then you may not need to take out a life insurance policy. You may also decide against it if your household has no outstanding financial commitments or if your family can manage without the payout from your policy.
However, if there are people who depend on your income, then it is important to consider taking out a life insurance policy. The money from the policy can be distributed to the beneficiaries named in your will, giving them financial support after your death.
When it comes to choosing life insurance, there are several factors to consider.
Should you opt for a lump sum payment that covers just your mortgage, or do you need additional coverage for your family?
Do you prefer a one-time payment or a regular income?
It’s crucial to seek guidance from an experienced protection advisor who can help you understand your options and set up the right plan that suits your needs.