With life insurance, whilst it may be your life that is being insured, it’s the welfare of your family that is being addressed.
Life insurance results in a lump sum payment upon the death of the person insured.
It’s important to have some kind of cover so that the benefits are received by your remaining family. If a family were to lose the major income earner, it’s critical that the remaining family members are able to financially survive without having to sell assets or rely on friends or welfare.
In the event of your untimely death, Life Cover will pay a lump sum which can be used to cancel debts and provide a lump sum for ongoing income.
Other types of Personal Insurance Cover