Why Do I Need Life Insurance?
Life Insurance pays out a lump sum amount in the event of death. This can be indispensable and will give you peace of mind knowing that there will be money available to protect your family in a number of ways including:
- * Payment of final expenses
- * Replacing your spouse’s income
- * Paying off debts
- * Covering children’s expenses
When Should I Take Out Life Insurance?
Although there is no set age for taking out life insurance, you must be between the ages of 18 and 64 to avail of a life insurance policy. If you are a healthy person and take out a long term policy when you are younger (20’s and 30’s) your premium will be significantly lower as you would be considered low risk. Premiums increase as you age and the risk of you developing health problems rise.
Individual circumstances are a good guide as to when to take out life insurance. For example, if you have a family or are starting one, you should consider a policy so that loved ones are financially secure in the event of your death.
Why Do I Need Serious Illness Cover?
At Acorn Financial Services, we witness the effects of serious illness on families almost every day. Some people are fortunate in that they already have cover in place. If something happened to you, how would you pay for the following:
- * Your mortgage or rent
- * Food and utilities
- * Hospital bills and expenses
- * Credit cards, loans, other debts
On top of all that is being able to continue to support and care for your family and loved ones while you are off work. Although a serious illness policy will not replace your full income if you are off work long term, the lump sum payment you receive will help with costs.