Life insurance: a few important notes.

Life insurance is often perceived as a “grudge” purchase. This perception is far removed from reality and truth. Putting life cover in place could be one of the most beneficial purchases you have ever made.

This holds true for young families with small children, homeowners with outstanding bonds, business owners protection their interest, settling estate duty or just leaving a legacy. One can know also ensure a life cover policy which will pay out in Dollar should you wish.

I have personally seen the impact on many occasions on people’s lives where life cover was in place and how important it really is to secure your loved one’s futures.  Unfortunately, I have also seen the reverse and that is a very helpless situation to find yourself in, especially because it is so easy and affordable to avoid. The decision is yours and it doesn’t have to cost an arm and a leg. Life cover pays out tax free to the beneficiaries.

Important when putting risk cover in place is to be 100% honest when answering the underwriting questions. Rather give too much information than too little. You don’t want a claim to be repudiated due to non-disclosure. Remember, the life companies will have access to your medical records or are allowed to request it from your doctor. Also remember that there is a 2-year suicide clause on all policies.

It is important to work with your financial adviser on your own individual plan and to balance the need for risk and investment.

My opinion……you can’t afford to be without life cover.

Yvonne Velthuysen

Photo by Juliane Liebermann on Unsplash

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