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.
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.