What is Life Insurance? When you die, the Life Insurance proceeds will be paid on receipt of your death certificate, to your estate or the policy owner. Ideally the policy owner would use the proceeds to first retire any debt, and the balance of your estate will be distributed to the beneficiaries as per the instructions in your Will. How will it benefit you? The proceeds of Life Insurance could provide for a freehold home and maintenance of the current family lifestyle.
If you and your spouse/partner should die simultaneously there is provision for your children to be well cared for through the Life Insurance proceeds and the freehold assets of your estate. | | How much cover is appropriate? Whilst we would prefer to undertake a full risk assessment tailored to your personal situation, from our claims experience, we recommend a level of cover sufficient to retire all debt, plus a multiple of salary equal to the amount of capital needed to be invested at the current floating bank rate to produce an income for the survivor, based on 70% of previous household income with a freehold home. The sum insured should be sufficient to fund the ongoing household expenses and maintain your family’s existing lifestyle from interest earned on these proceeds. Contact Us For more information, contact us on 09 521 1685 or 09 407 8125. |