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Life insurance is more than just a financial product, it secures your family’s financial future and gives you peace of mind! Your young family needs love and care – which can cost a lot, such as 12 years’ school fees! The benefit of life insurance is that you can be sure these costs can be met when you are no longer around, giving you and your loved ones financial stability.
The importance of life insurance for parents
The responsibility and joy of being a parent never ends, but the younger years of your child’s life are the most expensive! There is food, new clothes at frequent intervals, 24-hour care as well as school fees and transport. The bills can mount up. Young, working parents can fund these costs, but what if one or both parents were to pass away unexpectedly – who would take care of the children’s needs?
One of life insurance’s advantages is that it pays out the lump sum, tax-free amount, which can be used to pay for the children’s living expenses! When parents know future needs are taken care of, they have one less thing to worry about and can enjoy the time with family without stressing about the future! Parents can provide financial security today with the right life insurance policy.
How much life insurance do parents need?
The amount of life cover needed depends on your unique circumstances such as how many children you have, how much debt you have and what future costs are likely to be. When deciding how much cover to apply for, take into consideration what you want the pay-out to be used for. If it is to cover an outstanding amount on a home loan and pay for education, these expected costs can guide you as to how much your sum assured should be. If you want it to cover daily living costs, work out what these expenses would be to choose an appropriate sum assured. You will also need to make sure the premiums are affordable. Keep in mind that if you cannot afford all the cover you need today, you can increase your sum assured over time.
You can use the 1Life Life insurance calculators to help with your calculation or ask a financial adviser for assistance.
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The benefits of life insurance for financial planning
Your life insurance policy is also a key component of your financial plan. Your plan will include savings goals, such as for holidays, a new car and retirement. It will also include short-term insurance to protect your assets in the event of a loss such as car insurance that protects against losses suffered as a result of an accident or theft. Life insurance protects your future income as it provides for your loved ones when you are no longer around.
Another important part of your financial plan is your will, which details how your family inherits your assets such as a home and any investments. Your financial plan is an integrated plan. Your life cover, for example, ensures your loved ones have funds when you pass. Because the pay-out is not included in your estate, funds from the payout can also be used to fund any expenses after death such as the costs of winding up an estate and tax due. Life insurance can give you peace of mind as you know that your family is well cared and provided for.
What to look for when choosing a life insurance policy
Life insurance gives you peace of mind but how you do you know you have chosen the right policy? These are the most important factors you need to keep in mind:
- Flexible cover – your life policy should allow you to increase your cover as needed in the years ahead
- Affordable premium – your premium must be within your financial means, which you can increase over time if you cannot afford all the cover you need now
- Be from a licensed insurer – which you can check on the FSCA website
- Be easy to take out and manage - look for a policy from a company that offers online services such as online quotes, applications and servicing
- Be easy to understand – make sure you understand the terms and conditions of the policy such as waiting periods and any exclusions
1Life Insurance for all your insurance needs
1Life Insurance is a licensed life insurance provider offering a range of flexible life cover policies that you can tailor to your needs and budget. You can take life cover for a sum assured of between R300 000 and R10 million at a competitive premium, and save up to 13% on premiums if you buy online. No medical exams are needed, just an HIV swab. You can manage your life cover policies on the online policyholder portal or WhatsApp service centre. Claims can be submitted online and valid claims are assessed and paid quickly. 1Life Insurance was awarded the Life Insurance Category winner in the 2023/2024 Ask Afrika Icon Brands Benchmark survey. You can follow 1Life Insurance on Instagram, Facebook, X and Youtube.
Take care of your family’s future today
Life insurance is there for your loved ones when you cannot be, and can change their lives for the better. Chat to a skilled 1Life Insurance consultant today for a life cover policy that meets yours and your family’s needs.