There are many different life insurance products on the market which are suitable for different purposes and whilst one type may be appropriate at one stage of your life, another may be more fitting later in life.
When you have saved hard for the deposit and purchased your first home, it makes good financial sense to protect this using a Mortgage Life Insurance policy. This will help protect your loved ones by paying out a lump sum to cover the outstanding balance on a capital and interest repayment mortgage in the event of your death during the term.
The Young Family
Your children are probably the most precious thing in the world to you. You may therefore wish to take steps to ensure they are financially protected to minimise financial hardship in the event of your death. A Term Assurance policy could provide you with peace of mind, knowing that your family will receive a guaranteed lump sum payment in the event of your death during the policy term.
As your children get older, your thoughts may turn toward making provision for university or perhaps their wedding. It is important to consider where the money would come from to fund these plans in the event of your premature death or if you suffered a critical illness. A Term Assurance policy with critical illness would pay a lump sum if you were to die or suffer a specified critical illness during the term and provide peace of mind in knowing that your family has financial protection.