Life Cover

Life Cover Disability Cover Income Protector Functional Impairment Benefit Critical Illness Benefit Accident cover benefits

Definition and description of Life Cover

The Death Benefit pays a lump sum on the death of the insured life.

Life Cover also known as:

The life cover benefit are known by different names at different providers. Some of the names are: Death Benefit, Life Cover, Life Cover Benefit, and Term Cover.

Life cover is used for:

The most important applications of life cover is for: Financial security: Provides funds that may be used to ensure that the current standards of living of the beneficiaries of the policyholder can be maintained. Do your security calculation! Debt protection: Provides funds that may be used to help pay off mortgages and other outstanding debts. Do debt protection calculation! Estate duty & costs: Provides funds to cover estate expenses and help avoid the need to sell assets and/or borrow money to cover such expenses. Do your estate planning calculation!   Education funding: Provides funds that may be used to fund the education of children. Calculate how much you need for education purposes! Business insurance: Contingent Liability Insurance: Life insurance taken out by a business in order to provide immediate liquidity to settle business debts for which the life insured signed personal surety and thereby releasing his personal estate. Buy-and-Sell Insurance: Life insurance taken out by any willing buyer (be it a co-owner, third party or even the business) who contracts to purchase a deceased/disabled owner’s interest in a business, thus ensuring continuation thereof. Key Person Insurance: Life insurance against the high cost of recruiting, relocating, retraining and replacing a deceased, disabled or impaired employee whose permanent absence will cause the business financial hardship due to the level of his involvement in the business. Loan Account Protection: Life insurance cover that is taken out by a business where it has borrowed capital from an owner/director or other connected party in order to ensure that it has immediate liquidity to repay the loan on demand if the lender dies or becomes disabled. Debtor’s Cover: Life insurance that can be taken out on the life of the owner of a debtor business that has purchased goods or services on credit, in order to ensure it can settle the debt if the owner dies or becomes disabled.

Some important points to consider when searching for life cover!

It is very important that you realise that product providers premiums are different for a very good reason! The definitions of benefits that ultimately determines if your policy will be sustainable on the long term and if so, will your claim be paid? Payment increases By what % will your payment increase yearly? Guarantees For what term are you guaranteed that the initial chosen premium pattern will be honoured? & If the premium are to be increased after the initial guaranteed term, is there a maximum and how much is this maximum that premiums can be adjusted? & How regular can premiums be adjusted after the initial guaranteed term and is there a cap on the increases and if so, what is the cap? Changes in circumstances Are you obliged to report changes in your personal circumstances to the product provider and what will the effect be on your benefits and payment should you change your occupation, smoking status, outdoor activities, etc. What will happen if you don’t report changes in your personal circumstances to the product provider and a claim event occurs? Exclusions What is the contractual exclusions for claim events and is it acceptable for you? Above mentioned qualities of solutions can be manipulated resulting in less claim being paid and therefore ensures a cheaper payment for benefits. You should be aware of this fact and never buy a solution because the payment is the cheapest in the market place or because the solution are promoted because of some or other gimmick such as cash back for example. If the solution you choose results in you paying the cheapest premium and you receive loyalty bonuses in some form, it should be a bonus. The focus should be on the definitions of benefits and claim events, not gimmicks! To ensure you find quality solutions you can use qualified and experienced financial advisors that represent big brand product providers that sent benchmarks for product development!
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Life Cover

Life Cover | Death Benefit | Term Cover definition and description

Life Insurance

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