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Life Insurance

Life Insurance

Life insurance provides a lump sum payment in the event of death. This lump sum can help reduce or pay off debt, cover funeral and estate legal expenses, create an investment fund to generate ongoing income, and provide for your family’s long-term financial requirements. It can also be used to enable business ownership to be restructured, amongst other things – the manner in which the funds are used are entirely yours to decide.

Clear Life Insurance Advice 

Whilst we all hope that you never have to call upon this type of insurance, it’s also very important that you receive advice regarding the level and type of life insurance cover that you may require from someone qualified to do so.

How Much Life Insurance Do You Require?

Understandably, no one likes to contemplate the reality of dying. While it comes to us all eventually, it is the event of premature or unexpected death that can have a very severe emotional and financial impact on one’s loved ones. Having sufficient life insurance cover in place can at least lessen the financial stress at a very emotional and tumultuous time for a family.

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Read what our clients say…

Theo is passionate about making sure you have the right cover for your particular circumstances, for you and your family. He is also very helpful when it comes to claim time, to take the stress off dealing with the insurance companies. Theo is also a great supporter of community events. I can’t recommend his services highly enough.

Andy Schmidt
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But How Much Life Insurance Is “Enough”?  

Life insurance in place should aim to cover the following: 

1

immediate funeral and legal estate expenses;

2

settlement in full of the outstanding mortgage(s) on the residential property (and all other loans and/or outstanding debts). The aim is to leave the home mortgage-free and thus remove the stress and pressure on the surviving spouse/partner to meet ongoing mortgage payments alone. If you also own investment properties, thought needs to be given as to whether you would wish to retain all the properties as a family legacy or sell one or more to eliminate debt – these are personal decisions that you need to make that determine the level of life cover required;

3

an additional capital sum to enable the surviving spouse/partner to assure the children’s quality education, as well enabling the household to continue to function despite the untimely loss of one income earner. This can be either through lump-sum Life cover or a monthly benefit “Life Income” cover. The latter pays a monthly benefit for a chosen period of years to cover the ongoing costs of any lifestyle changes that may arise in the event of death and until all children reach an acceptable level of financial independence.

It’s wise to go through this exercise periodically with a trusted adviser and get the right life insurance advice to make sure that you have adequate cover in place.

Life Income Cover

In some circumstances, it may be preferable for life cover to be paid as a monthly benefit for a designated period of time, rather than as a large lump sum. This situation could arise in circumstances where there is concern about ensuring that the lump-sum funds paid out on a life insurance policy are managed wisely so that they do not run out before time, leaving the surviving dependents short of funds to help meet ongoing family and household expenses.

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Life Income Cover Explained

Life Income cover provides a financial safety net for your surviving dependents in the event of death. This monthly benefit is designed to help replace your lost income and to cover the ongoing costs of any lifestyle changes that may arise in the event of death. Because it pays a monthly life income benefit for a designated period of time, it means that the surviving partner and family know exactly what the monthly benefit will be and can manage their budget and expenses accordingly.

While life income cover may not be suitable for everyone, it can be particularly useful for those who are challenged at budgeting and managing a lump-sum over the longer term. Good life insurance advice from an expert can help you compare life insurance products, premiums and variables so you get the best life insurance cover for your oved ones.

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