Covered for Life Insurance

When you are applying for a Life Insurance policy you choose the lump sum that will be paid to your loved ones if you were to pass away unexpectedly. You also agree on a monthly premium that you will pay to maintain your coverage. How much you pay for your coverage and how much your benefit amount will be will depend on your age at the time of applying. As long as you continue to pay your monthly premium, you will have coverage.

It can be difficult to think about death, especially when it feels like there are more immediate concerns. However, it can be important to make sure you take the time to discuss it with your loved ones. With the right coverage in place, you can help financially protect your loved ones and make sure they have support with day to day costs.  The cash amount could be used to help cover tax bills, final expenses and outstanding debts. It could also simply be used as a gift to help keep life on track for your family if the worst should happen.

This depends on what you want your benefit amount to do. If you want it to cover tax bills when you’re gone you should consider how much this may cost. Likewise, if you want to help cover your final expenses, such as your funeral, you should think about what costs may arise from it. You could also consider choosing an amount of money that could help pay off outstanding debts such as your mortgage.