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Is Life Insurance Essential In Today's Life?

The day you die, your life insurance company will provide your family with the finances they will need to replace your monthly income. In this article we will provide you with valuable information regarding life cover for your family.

Are you ready to think about death and the financial struggle it can leave behind? This topic is something a lot of people do not think about when enjoying life. Although people die due to accidents, illness or other factors, individuals do not think about the family's life after your death. If you read through statistics of causes of death, you will be afraid what is the main causes of people dying in South Africa. You cannot predict your death and when you are going to die or how you are going to die. However, you can compare for it and make sure that your relatives, wife and children, will have a future of prosperity.

What will happen to my family if I die tomorrow? You have to think of this and sit down to plan your financial future for the sake of your loved ones. When you have been in a serious accident or diagnosed with a terminal illness, obtaining life insurance can be very difficult. It depends on the severity of the health problem that will make it hard for you to find a policy, but do not give up hope. There will be an insurance company that will provide you with life plan and assist you as best they can.

A list of things that life insurance can help your family with follows:

  • The money can be used to pay off all or some debt like mortgage, medical bills and so much more.
  • It can take care of your children's education for a prosperous life.
  • It will make up for the loss of income due to a partners death.

Types of Life Insurance To Consider

Basically, there are two options to look at:

The first is term life insurance, it will provide you cover for a certain time period (normally anything between five to thirty years).

The second is the more expensive option and it is whole life insurance that will provide you with cover for your entire life.

You will have to sit and think which option will suit your lifestyle and needs. Find quotes to compare of various companies and talk to an consultant. They will be able to look and send you offers that you can go through. If you are interested in getting quotes for life insurance, click on this link for more information.

What Is Funeral Cover?

Also known as death insurance, a funeral plan is a policy a person takes out to cover all funeral bills when a loved one has come to pass.

You cannot predict when you or someone are going to die, but you can prepare for the financial burden of such an unfortunate event. When you have a funeral cover, you are protected against substantial financial loss, as well as you will have assistance to plan a memorable memorial for your loved one. Where to start when planning a funeral? Have you ever thought about it?

Now, with the funeral cover, you do not have to worry about anything. Assist you every step of the way, and you can mourn your beloved in peace.

If you the policyholder dies, the cover will be placed on the one closest to you if they still won't cover.

When you do the necessary research before buying a funeral policy, you will notice that most companies offer you up to an average of R100,000 coverage. Some insurance companies require that you need to undergo a medical examination, but not to worry, most companies do not require you to do it.

Some things will have an increase or decrease on your premium like for instance whether you want to be buried or cremated, your age and gender. You can also choose payment options like weekly, every fortnight, month end or a once off yearly installment. The majority of people decide to make a payment at the end of each month due to the affordable monthly premiums of funeral cover.

So, how does a funeral insurance plan work?

You sign a contract with an insurance company of your choice to provide you with finances in case you are a loved one dies. You choose a certain amount of cover, and the insurance company will calculate a monthly installment. Once a loved one dies, you can claim the company, and you will receive a lump sum to settle all the bills regarding the memorial service. As long as you pay your premiums at the beginning or end of every month, you will be covered, and there will be no problems with claims. Some companies also assist you with planning a funeral, especially if you do not know where to begin.

You will find when searching for the best funeral plan, that there are a variety of companies in South Africa willing to provide you with coverage. All you need to do is to find the company ready to meet your requirements.

Please read through the following tips below:

If you have a life insurance plan, read through your contract to see if you are not already covered for funerals as well. Some companies included this option with their life policies. If you are already covered, then it is unnecessary to buy additional cover. Discuss getting funeral cover with your family and gather all their requirements as well. Get quotes from various companies, compare them with one another and take the one with the most benefits for less. You should read through the fine print before signing off.

It is necessary to have a funeral cover, so make the right decision today and have peace of mind tomorrow.