Life is full of responsibilities, from household expenses and children's education to home loans and retirement planning. It is equally important to consider how your family would manage financially if your income were no longer available.
What is life insurance?
Life insurance is a contract under which an insurer provides benefits according to the policy's terms and conditions in exchange for premiums. Depending on the policy, a benefit may be paid to the nominee if the insured person passes away during the policy term.
The amount of cover depends on your income, outstanding loans, dependants, future commitments, existing insurance and available assets. Start by assessing your family's actual needs rather than choosing an arbitrary number.
Before choosing a policy, understand the premium, coverage period, exclusions, payment conditions and benefits payable under different circumstances. Thoughtful life insurance planning can help your loved ones face tomorrow with greater financial confidence.