Is a Life Cover policy worth the premiums?

Too often people are lulled into a false sense of security because they believe that they won’t suddenly die. Dying young may be an unpleasant idea to face, but it’s in the best interest of your family to protect the well-being of your loved ones in case it happens to you.

However, while providing security for your family is definitely an important benefit, you may not see the equal importance of a life insurance policy – aside from peace of mind. It’s for this reason that many South Africans don’t want to pay premiums every month.

It’s important to note that there are, in fact, other mutual benefits that your life insurance provides for you while you’re able to enjoy them. Because young people are at less risk of dying (on average), your premiums will likely be lower if you act sooner rather than later. Also, should you be diagnosed with a terminal illness before you apply for a Life Cover policy, you may no longer qualify for this type of cover.

This means that if you take out a Life Cover policy while you’re still young, you will likely pay lower premiums for the same size payout to your beneficiaries. 

Contact FRANK on 0860 722 227 for more information on getting Life Cover today!

How will Life Cover from FRANK benefit those I leave behind?

While life insurance is designed to financially assist the policyholder’s beneficiaries, an insurance policy benefits the policyholder as well. Life insurance gives you peace of mind that your loved ones won’t experience financial hardship after you die. This is why policy holders are essentially buying the health and emotional benefits of getting covered. How will the most important people in your life be protected by life insurance?

  • Tax wise - From a tax perspective, a Life Cover policy is one of the very few forms of investment that is considered a form of tax-free inheritance.
  • You keep your house - Life insurance provides mortgage or bond protection, the lump sum payout can be used to settle the balance on your home loan. This ensures that your loved ones are not in jeopardy of losing their house should you die.
  • Your living expenses are covered - Insuring your life also provides a form of income protection for those who have planned a future with a spouse or partner, which is based on two monthly incomes. Should your income no longer be available due to your death, your loved one can use your payout as a substitute for this.
  • You're death is paid for - The payout from a Life Cover insurance policy also provides the means for your family to take care of the final expenses that occur when someone dies, such as:
  • funeral costs
  • burial or cremation expenses
  • medical bills
  • outstanding financial contracts

Call FRANK on 0860 722 227 and speak to an agent about a Life Cover policy today. After all, protecting your family after you die is a step towards peace of mind.

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