Life cover insurance, critical illness insurance, disability insurance, unemployment insurance, funeral insurance… There are different types of cover to help provide for your family in the event of your death, or suffering from a debilitating illness for a protracted period, or following an accident that leaves you unable to hold down a job – all provide financial support by way of lump-sum payments in times of specific needs. These days, it’s possible to incorporate many types of insurance within a single, multi-faceted policy structured according to your requirements.
Many would concur that life cover insurance should be central to your insurance portfolio – first, make provision for the inevitable, then safeguard against the unlikely but possible, and after that, think about the finer details, the what-ifs. Death is a natural part of life that you need to plan for, ensuring that your dependents will be okay financially should you no longer be around as their bread-winner when they need you most. Becoming disabled or critically ill can be even more devastating to your family as the effect of possibly losing your job, and your income is compounded by the costs of hospitalization, medication, doctors, and nurses for who knows how long.
And then there are the “little things” associated with one’s passing that can so easily be overlooked- such as the money required for paying the undertakers and whatever other posthumous expenses can’t wait for a typical life policy pay-out before they must be settled, money that those who survive you might be hard-pressed to procure in a hurry.