Category - Life Insurance

Life insurance is essentially a way of protecting your family financially in the event of your death. And no – it is not a pleasant thing for most people to think about. Of course, for those who have children/dependents it is essential. There is no telling what the future will bring and it’s better to be safe than sorry.


But how does one go about looking for a life insurance policy? And are there any pointers you can follow in order to get affordable cover? When spending any amount of money, it’s always good to do your research.


Life insurance – The types of policies you’ll find


With most types of cover, you can get a policy that’s suited to your specific needs. In terms of life insurance though, there are several broad categories which a policy may fall into. For example…


  • Term life insurance is taken out to cover an individual only for a certain amount of time. Typically, this is taken out by someone who is doing a job that poses considerable risk to their life.
  • Convertible policies are like term policies, but when the contract runs out you’re given the option to switch to a “whole of life” policy.
  • Joint life insurance policies are designed to cover not one, but two individuals. In this case, it is usually the insured plus their spouse/partner.


The Nitty Gritty – Reasons why people take out a life policy


Although it is unpleasant to think about, it pays to be practical. And there are plenty of things a good policy will cover that in turn will give you the peace of mind you need.


  • Those who have just bought a new home will find that a policy payout could help their partner pay off the mortgage after they have passed.
  • People will children also find this type of cover practical – giving the kids a financial cushion to fall back on.
  • Surviving relatives could benefit from an inheritance.
  • Funeral costs may also be covered (depending on the policy)