Life insurance is a product that helps individuals, families and businesses to prepare and protect financially against the unexpected loss of a spouse, partner, parent or key employee.
It is a contract between you the policyholder and the insurance company.
The IMPACT of life insurance is immeasurable. The value to the beneficiary is inestimable, like tossing the pebble into the pond, the ripples are far reaching.
How much is enough?
Selecting a suitable amount of life insurance requires more than a simple calculation. It depends on your needs. Who will suffer financially? What are your obligations?
Why Buy Life Insurance?
Consider the following in determining the right amount of insurance:
- Annual income that needs to be replaced
- Education savings needs to be provided
- Inflation protection for surviving family members
- Amount of mortgage or mortgages
- Special needs of surviving family members
- Purpose of the insurance
How is the cost determined?
- Amount of insurance
- Type of Insurance Permanent or term?
- Personal and family health history
- Any interesting hobbies?