Life insurance protects your loved ones financially in the event of your death. Having the right amount of coverage is vital, as your needs may change over time due to life events such as getting married, purchasing a home, or having children. It is also essential to regularly review your coverage to ensure it meets your changing needs.
Life insurance can be used to pay off mortgages, debts, and loans, as well as to cover household expenses and maintain your family’s standard of living. The coverage you need depends on your financial situation and the level of income your loved ones would need to maintain their lifestyle. Life insurance costs depend on factors such as age, health, and the amount and duration of coverage you choose.
There are various types of life insurance available, including policies that pay out a tax-free lump sum upon your death, policies that provide a regular monthly income, and policies that cover you for a set term or the rest of your life. Some policies are linked to investment funds or offer bonuses, resulting in payouts that may be higher than the original level of coverage.
In addition to life insurance, there are other options to protect your loved ones, such as income protection insurance, which pays out an income if you are unable to work due to illness or injury, and critical illness insurance, which pays out a lump sum if you are diagnosed with a specified serious illness.
Our PIWA advisers have the expertise to help you make an informed decision about the type of life insurance policy best for you and your overall financial planning strategy.