Life Insurance Basics
Life Insurance is a contract between two entities: the insured person and the life insurance company which provides the life insurance cover. What you really need to ask yourself is; ‘Do I really need a life insurance policy?’ It is up to you to take stock of your family’s financial details and decide whether you need life insurance.
If you have family members, especially younger children that are financially dependent on you, then you must insure yourself by acquiring a life insurance premium or policy. If something untoward happens to you while your life insurance policy is in force then the insurance company pays a specified amount of money to the nominated person. You can nominate any person or a family member as the beneficiary of the policy. I also advise my clients to put a will in place if it isn’t already.
Although life insurance is reasonably straight forward compared to other insurances such as Income Protection or Trauma insurance, it can still get confusing.
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