For most people the overall objective of life insurance is to maintain standards of living for their dependents on the event of their death. Life insurance

is a simple means by which you can plan for the future, giving yourself peace of mind that your family will be financially secure after your death.

For most people the overall objective of life insurance is to maintain standards of living for their dependents after their death. As a rule of thumb, the loss

of a partner will result in a fall of approximately 30% in the expenditure of a family. You should be looking at cover of about five to ten times

your annual salary.

However, everyone's circumstances and requirements differ so it may be more prudent to take a more scientific approach. You need to consider what

costs need to be covered by the payout of your life insurance. Some areas you may want to consider are listed below.

(This is not an exhaustive list; you need to analyze your own lifestyle and requirements.)

• Paying off a mortgage
• Paying off loans and other debts
• Family income needs
• Emergency funds
• Family education costs
• Estate costs
• Possible inheritance tax 

There are only 2 basic types of policies: Permanent (whole life) and Term (temporary). Simply put, permanent coverage remains in affect for the lifetime of the insured,

while term coverage expires after a set number of years (eg. 10 or 20 years) or to a certain age (eg. to age 75 or 85 or the whole of your life).

 

Generally, term insurance premiums are lower than whole or universal life.

 

 

Please contact us today for your free, no-obligation quote!