http://www.thedailybrad.com/unknown-binding/
Why Should You Consider Life Insurance In South Africa
The need to have life insurance in South Africa arises from someone wishing to provide a sufficient sum of money to cover a large debt such as a mortgage or to provide an income for the family after their death.
Irrespective of when you die, this insurance only pays out on death of the insured person. The different experiences that you encounter during your lifetime create different financial requirements. It is important that you plan ahead so that there is enough money available for when these events happen.
Sometimes, life cover is dubbed as cover for dying too soon. This means that it is cover that provides you, the insured, with a lump sum amount in the event that you die before you have been able to earn sufficient sums of money to leave to those left behind. It will give you the chance to provide for them and make sure that they can carry on living at the same level before you as breadwinner died.
The history of life insurance dates back some 1,400 years ago to the Romans and Greeks. They made sure that if the chief income earner were to die, the insurance society paid all funeral costs and made financial arrangement for the remaining family thereafter.
Whilst today's insurance companies are more sophisticated, the basic principles from those early Roman and Greek days remain.
One thing certain in life is death. The only thing for most people is that they just don't know when this is going to happen. It is this unknown factor that creates the risk because if you knew in advance when you were going to die then you might ensure that you were debt free and had saved enough to make sure that those left behind were financially catered for.
The fact of the matter is, however, that we have no idea and to create this debt free enough saved position is pretty much mission improbable. This is why we have life cover policies. If you have it, whoever you have nominated to benefit financially when you die will receive an amount of money predetermined by your insurer
This money is designed to take any financial pressures away from them e. G. Mortgage, living expenses following your demise. When you take out a policy, you enter into an agreement with your insurer, who agrees to pay a certain sum on your death to those who you have identified to receive it. In return, you are committed to pay what are called premiums to your insurer at certain times (monthly, annually).
When you apply for a policy, you complete a confidential form where a variety of questions will be asked. When completing the form, it is vital that you do not make any false statements or omit anything as the insurer will use this information to assess the risk that you pose to them.
The size of the premium that you will pay to your insurance company will depend on the amount of cover you select, in addition to your risk profile. The term cover relates to the amount of money that your life is insured for. Your risk profile is determined by looking at your age, hobbies, gender, work you do, whether you smoke or not etc. The higher your risk and cover is, the more you will have to pay for cover.
Life insurers will generally be quick to pay out when you die. You don't need to worry that months will pass before they are catered for. Your family will need to submit your death certificate before the insurer pays out and in certain circumstances, they may require additional documentation.
Life insurance is therefore a relatively cheap easy way to make sure that loved ones are looked after, at least financially, when you are no longer around to do so.
Unknown Binding
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