Protecting your financial downside

Life insurance is about securing peace of mind for you and your loved ones, knowing that financial protection is in place should the unexpected occur. In the event of a valid claim, a tax-free lump sum will be provided to offer the necessary financial assistance and breathing room during challenging times.

With various life insurance options available, how do you determine the right policy for your needs?

‘Single life’ policies cater to one individual, while a ‘joint life’ policy covers two people. Upon the death of one person within the joint policy, a payout is made, and the policy terminates. Deciding whether the joint policy pays out upon the first or second death is essential, affecting the policy’s duration.

When comparing these options, consider the following factors:

Affordability – Joint life policies are more cost-effective than purchasing two separate single policies.

Cover Requirements – Do both individuals have identical life insurance needs, or would it be more suitable to have separate policies with varying coverage levels?

Work Benefits – If one person has a ‘death in service’ benefit from their employer, it may only be necessary to have one policy.

Health – If the joint policy includes someone with poor health, this could result in higher monthly payments.

By carefully assessing these factors, you can decide which life insurance policy best suits your unique situation, ultimately providing security and peace of mind for you and your loved ones.