What is Life Assurance?
Life Assurance pays out a lump sum known as a sum assured on the death of the policyholder. You decide on the term of the plan. Once the term has expired, the cover ceases.
Premiums are calculated based on a number of factors including age, amount of cover and previous medical history.
Why do I need Life Assurance?
Life Assurance can provide reassurance of protecting your family should something happen to you. The Sum Assured proceeds can be used to pay off any outstandind debts such as a mortgage and can also support your dependents with a further lump sum to ease the financial hardship apparent on the death of your loved ones.
Types of Life Assurance
There different types of Life Assurance such as the examples below:
- Level Term Assurance
- Decreasing Term Assurance
- Convertable Term Assurance
- Increasing Term Assurance
- Whole of Life Assurance
- Family income Benefit.
Speak to a Financial Planner to see which solutions fits your particular circumstances.
The information above does not contain all of the details you need to know in order to choose a product or a solution.