Life insurance provides individuals with a lump sum payout or monthly income after a high-earner is no longer able to work.
If you are taking out a mortgage we highly recommend purchasing a life insurance policy.
Usually you take out a specific policy according to your needs and pay a certain percentage every month. How this pays out for you and your family depends on the type of policy you take out.
This depends on your age, your debt, your savings, your outgoing payments and what you hope to provide for your family in the future. If you travel a lot or participate in extreme sports this will also affect the policy.
Standard Life Insurance - Your family will receive a lump sum in the event of your death.
Joint Life Insurance - An insurance policy you can take out with your partner.
Seniors Life Insurance - Policies designed for individuals over the ages of 50 or 60.
Critical Illness Life Insurance - Pays out in the event of a critical illness.
Income Protection - Pays out a percentage of your income.
Family Income Benefit - Your family will receive a percentage of your income.
Term Life Insurance - Pays out if you die, become unemployed or injured during a certain time in your life.
Whole Life Insurance - Pays out if you die, become unemployed or injured at any time in your life.