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What is life insurance?
If you have just purchased your first car or are looking at buying a house, then you understand how important vehicle insurance, home insurance and household content insurance is. Just as these policies are in place to protect your valuable belongings, life insurance is there to protect you. Life insurance is aimed at providing your family with financial security should anything happen to you.
Why do I need life insurance?
If you are young, single and have no one else depending on your income, you might think that life insurance is not important at the moment. However, it can still have an impact on your life.
- Life insurance will provide you with cover if you are injured and unable to work anymore.
- If you should pass away, your life insurance policy will provide you with funeral cover so your relatives don’t have to worry about funeral costs.
How much life insurance cover do I need
This will be different for every individual. Just like all other insurance policies, several factors will be taken into consideration when taking out a life insurance policy. Aside from how much you earn, your lifestyle will also play a major role in determining your monthly premium. If you live a healthier lifestyle and exercise regularly, your insurance will be lower compared to someone who is physically inactive and does not live a healthy lifestyle.
For more information on life insurance, or to get a free quote, visit www.iwyzeinsurance.co.za
Image credit: Old Mutual
Terms and conditions apply. Please note that the content displayed on this site is for information purposes only and does not replace our policies’ terms and conditions. The policy wording supersedes any marketing material. Any claim will be considered against the terms and conditions that apply at the time of claim and as set out in out customers’ policy documentation.