Benefits Of Life Insurance
While most Kiwis are willing to take expensive insurance covers for their home, car, or health, very few people are willing to take out cover for their own life.
What most Kiwis don’t know is that taking a life cover is important as it protects the financial needs of their loved ones in case something happens.
Taking out life insurance also gives you peace of mind knowing that your family has the needed resources to carry on with their current lifestyle if you die.
So apart from providing financial protection, what other benefits would your beneficiaries receive from your life cover?
1. Save More If You’re Young
One of the reasons why most people are hesitant to purchase life insurance is because they believe it's expensive.
The good news is that you can save more if you take up life cover when young. Buying life insurance when you’re younger allows you to pay lower premiums than buying the same plan when you’re older.
2. Covers Your Medical Expenses in Case of a Terminal Illness
In case you’re diagnosed with a terminal illness when your life cover is in effect, you can choose to use the payout to pay part or all of your medical expenses.
Once you decide to take out a life insurance cover, you can choose among several product options.
For instance, Vega offers life and life income covers. You also get to choose your preferred cover amount and the premium payment frequency.
4. Your Debts Will Be Covered
In addition to supporting your dependents after your demise, a life insurance policy will cover any debts you might have.
Also, the cover takes care of your funeral and medical expenses. This ensures that your dependents don’t face any financial struggles caused by unpaid debts once you’re gone.