Christmas time, a time for family, friends, long lazy holiday lunches and of course Christmas gifts. From the latest cell phones to gaming consoles and sound systems, the list of gifts your kids have been clamouring for not doubt exceeds your budget. As a parent, have you ever considered who would buy your kids Christmas gifts if they were not around? Who would provide for them every month? The answer to these questions lies in life cover, perhaps the best gift you could buy your family this year.
Life cover, or life insurance, is a contract between the insured and an insurance company, according to which the company undertakes to pay the policy's benefit amount to the beneficiaries of the policy in the event of the death of the insured. As a parent, you work hard to earn the money your family needs to survive every month. Your income buys food and pays school fees and medical expenses. But the list does not end there. From swimming lessons to new clothes and school camps, raising a family is expensive.
Providing for your children until they are old enough to look after themselves is one of your first priorities. That is why every responsible parent and breadwinner needs an answer to the question 'who would look after my family if I died and how would my partner, or spouse, support the family on just one salary?' With a life insurance policy in place you know that your family will be provided for even in the event of your death. Your life insurance pay-out can be used to replace the income that you earned every month and support your family just as you did. Depending on the size of your pay-out it can also be used to pay off some of your unpaid debt.
Disablement cover or disability insurance and dread disease cover are also an important part of your personal financial planning. Disablement cover will provide a pay-out if you are ever disabled and unable to work while dread disease cover, also known as chronic illness cover, provides financial protection if you ever fall victim to one of the illnesses listed in your policy document.
This year buy your family the gift that will provide them with the financial protection they will need in the event of your death, the gift that will provide for them when you are no longer able to. Find out more about Pure Life Cover from 1Life.