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5 things you might want to be covered for in a Life Insurance Cover.

Evaluate these 5 key financial obligations. If you have none of these obligations, lucky you! No need for Life Insurance.Go for holidays, love life and live free. If not, it is still okay to stick with us, we will have more fun here learning we promise.

Okay let’s pause for a minute and think about these critical question;

  • How much income would you be missing if something unexpected happened?
  • How much money would you need to make to fund your family financial needs?
  • Would you struggle in meeting the day-to-day budgets?

Are you confused and wondering what the heck? Yes.

Now start thinking about getting coverage early for these 5 key obligations; 

  • An education fund for each child. 

With a term policy, parents can protect their income until their children grow up. This makes  sure that your kids are well taken care of and can afford a quality education. For this reason, additional coverage is essential while kids are still at home. When deciding coverage consider inflation and the rising cost of education.

  • Mortgage, loans, and other debts.

Homeowners can ensure their partner will be able to pay off the mortgage, their loans, and other debts if they die, this in addition to providing income to cover everyday living expenses, the family will need insurance to cover debts so they will not be forced to sell the house to stay solvent.

  • Retirement fund for yourself and spouse.

At retirement you would still need to hire help for domestic tasks like cleaning the house, laundry, cooking, helping with the garden, and doctor’s visits. Buying a long-term life insurance that spans beyond your working years will help cater for the lost income that would take care of the most essentials to your lifestyle. 

  • Disability Cover

A disability can lead to financial disaster. You can lose your home, your vehicles, your livelihood, your family. But even though you have a higher likelihood of disability while you are young, most people add a disability rider benefit to their life insurance policy. So always cover for this.

If you have a group disability insurance policy through your employer, consider getting a supplemental disability insurance policy that you own personally. Mostly employer-based disability insurance policies do not provide enough benefits.

  • To pay for Final Expenses

Let us face it, if we are being honest with each other these WhatsApp groups are already becoming a bother, of course the cost of a funeral and burial can easily run into thousands of monies that forces many to call for Harambees. But guess what, a life insurance with a funeral rider benefit will ensure your parents, or children do not suffer financially in addition to emotionally at your deathbed.

Remember: Debts and financial responsibilities that belong to you and nobody else do not just vanish when you go. Instead, they become the responsibility of your loved ones.

Do you have life insurance? Why or why not?

There is no bet – you will die, and I will die, but no one knows when. 

It could be today, tomorrow, or 80 years into the future, but it will happen eventually.

Life insurance protects our loved ones from the unknown and helps them cope with the tough time of loss.

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This article is written by our Principal Officer Winnie M., who has vast insurance knowledge spanning over 10+ years in the industry. You can write to her and/or share feedback via this email bimahakika@gmail.com

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