What happens to your debt when you pass away? All too often it is thought that this debt dies when you do, but this is not the case at all. The truth is that any outstanding debt still owed by you is paid out of your estate and this could be money, property or any other assets you may have which impacts on your loved ones financially when they can ill afford it.
It is for this reason that LIFE COVER is there NOT because you are going to die, but because those that you love are going to LIVE!
Why leave your Spouse, your Partner, perhaps your children or even your faithful pets, with the burden of having to settle your debts and maybe even having to drop their standard of living simply because you did not provide for them with the means to take care of all of this?
Life Insurance helps to pay the Bond on your home, University Fees if necessary and it also provides the funds needed to pay Estate Duties. We know that nothing can ever replace you in either their hearts or their lives, but planning ahead and having a Life Cover Policy in place, will certainly make things easier for those left behind and in this way you leave a legacy and not a financial burden.
Funeral Costs can also be expensive and we are not talking about anything extravagant, but even a simple funeral can cost anything up to R25 000 and this is what your loved ones will be faced with during which will already be a difficult and emotional time. Your Life Policy could take care of these expenses without adding to their hardship and stress.
The younger you are when you take out a Life Policy the cheaper the premium could become with time. You may suddenly develop a serious illness and not be able to get the benefit to the extent that you may need it – or maybe even not at all!
As an example, as a 45-year-old male you could get R1.5 Million Life Cover from as little as R288 per month. Nothing could fill the void your death would leave, but the knowledge that you effectively provided R1.5 Million just by taking out Life Cover well before it was needed, will make the financial needs of your loved ones a lot easier to take care of.
At the end of the day, no amount of money can replace someone who is loved and who will be sadly missed, but Life Insurance will certainly go a long way to providing for the uncertainties of life and will make sure that you leave a legacy behind and not a lot of financial stress.