The most common type of cover is life insurance (term life insurance). Life insurance will pay a lump sum to your estate or specific beneficiaries in the event of death or in some cases, terminal illness.
The advantage of life insurance is peace of mind that your death will minimise any financial hardship for your loved ones. Life insurance can be used to pay off debts, provide an income for dependents, cover funeral expenses and generally assist in maintaining your family’s lifestyle in the event of your death.
When looking at amounts of life cover things you might want to take into account are;
- Clearing all debt
- Providing a continuing income stream for your spouse or dependants
- Providing for ongoing educational/childcare expenses for your children
- Providing for funeral expense
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