Having Life insurance in place will ensure a lump sum is paid to your loved ones in the event of your death.This gives you the peace of mind knowing your family will be financially secure if you were to die suddenly.
At Financial Life, we assure to protect your family’s financial security in your absence with our best life insurance plans. We ensure that the living standard of your family is maintained through the lump sum paid. The amount can be used for repaying debts, paying the rental cost, funding education of children, paying funeral costs, paying inheritance tax.
Serious illness cover is an added benefit that can be purchased along with most life insurance policies. If in case you are medically diagnosed with a serious life-threatening illness that will likely lead to your death (usually within 12 months), you can claim your life insurance amount instantly. The lump-sum can ease the financial burden on you and your dear ones at such a challenging situation.
The optional benefit offers a guaranteed option of extending the period on your plan before the initial term has completed. For instance, if you purchase a 20-year term plan with a continuation option, you are guaranteed the option to continue with cover when the plan nears its end without undergoing any medical tests or answering any health-related queries. Even when you are terminally unwell, you are promised to be covered under the plan.
Indexation is an optional benefit; it ensures that the insurance benefit is modified to keep up to date with inflation. It merely means when the cost of your living goes up, the insurance claim amount also increases along with the premium amount that you have to pay. Indexation is a future-proof to your life insurance, for instance, if you claim your policy after ten years the claim amount will be adjusted so that you aren’t left short to meet your expenses. Removal of this optional benefit can be done at any stage of life insurance.
Specified illness cover is an optional benefit that is added to your life insurance policy at an additional cost. If chosen, this will offer a cash sum when you are diagnosed with the specified critical illness that is included in our cover. You can use the amount for medical expenses or to pay your debts, or invest it to get a regular income. The cover has no cash value unless a claim is made. Click here to read more about serious illness cover
Single life insurance insures just one person whereas joint life insurance insures two persons, but the claim is given out solely for the first death. For dual life insurance, two persons are insured, and the claim can be availed in case of both deaths.
The amount of cover you need to protect your family depends on various factors like:
Is the cost of the monthly budget for life cover affordable to you?
How intensely will the loss of your income affect your family?
How much amount is needed to meet your day to day family needs?
Have you got mortgage protection( hyperlink mortgage protection to mortgage protection page) cover?
How much amount would be needed to clear all your outstanding debts?
What life cover do you currently have to take care of your family financially in case of your death?
Life insurance cost depends on the type of policy you opt. Generally, term insurances are less costly affairs compared to permanent insurance. Following are factors that decide the cost of the insurance:
Younger policyholders will pay less premium because the chances that the insurer has to pay off the claim increases with age.
A history of chronic disease, serious illness, etc. can increase your premium amount.
If you are a smoker, you will have to pay a higher premium than usual.
Your premiums could be higher if you have risky jobs.
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