Life insurance, nowadays, is a product which any sensible man or woman with the required savings, should invest in.
Life insurance products have advanced during the last twenty years or so from the initial insurance policy where your life was covered by insurance for a certain amount of money, to be paid on your loss of life, in exchange of a regular monthly premium paid for by you.
The ultra-modern day product, on the other hand, is no solitary policy, but an all-inclusive policy making an allowance for your distinct situations regarding life policy requirements. Such you might have many different ad-on clauses concerning such concerns as loss of income, insurance against illnesses such as cancer, cardiac arrest and HIV. You may also be insured for the cover of debt repayment for a certain period on being retrenched. So, in addition to pure life insurance your insurance plans could also protect you and your family from loss of income.
Life insurance certainly doesn’t come for free, so such insurance plans that you may demand also will need to afford. In this regard you can acquire different quotes before finally committing yourself to any insurance plan. Either the net or an insurance company will have the info you need to make a realistic decision regarding your insurance requirements. Life insurance, today, goes beyond the requirement of insurance against the loss of a life, considering that of changing lifestyles and factors of economics. A long time ago, if you left your wife R250 000 on your death via an insurance plan it may have been seen as kind act. Currently, it takes some thinking to decide what best to do with such sum, as it really is not a large sum of money.
So one of your concerns in the decision of coverage values have to take into account the future value of money as it is worn away over time by the cost of living. These are not always very simple choices as there clearly are some parameters involved, including value for money issues. The valuable thing about a life insurance policy and time is that it could always be increased, as the value factor changes as time passes, although the policy will become higher priced on account of your age and possible health issues that you may have developed over time.
Retrenchments and other elements in the working place, has seen to it that you could no more bargain on a lifelong job with the same organization. The reality of the times we are moving into says that the likelihood of your losing your job – unless you are a self employed professional – are more than 50%. Which means that at some time in the future you are going to face unemployment with only your severance package to show for decades of loyal service. Also in such illustration, if you had the foresight to take out a loss of income insurance cover, you could be not too badly off, at least for a while, while looking for some other form of earning a living. Additionally you could have taken out an insurance plan that will cover your debt payments for a certain time frame, which will at the very least take the immediate financial tension of your shoulders.