The Importance of Life Insurance

The Importance of Life Insurance with Money Compare

Things can happen unexpectedly to any of us. That is the unfortunate reality of life. Many Kiwis are choosing to invest in life insurance to ensure that their loved ones will be financially protected if they were to suddenly pass away or fall terminally ill. 

Life insurance is a type of insurance that will pay out a lump sum of money if you pass away or fall terminally ill to the “policy owner” and is designed to cover mortgage repayments, rent, and other bills so that your family doesn’t have to worry about theburden of money in an already difficult situation

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Here are the top 3 reasons why you should consider life insurance. 

1. You Want to Protect Your Children

If you have children that depend on you financially, you will want to consider life insurance. If something happens to you, how will they cover the mortgage, rent or other bills? Life insurance means that they don’t have to worry about money if something happens to you. It also protects them from being uprooted from their home in the wake of your loss. If your life insurance needs to be claimed, your insurance provider will pay out a lump sum of money – the insured amount – to the policy owner to help pay for the mortgage or rent so that your children can stay in their home. It also allows the adults who have been entrusted with their care will have some financial security while they care for your children. 

2. You Want Peace of Mind

In the current economic climate, life insurance is a vital investment that gives Kiwis who have dependents and debt peace of mind. Ask yourself, do your children and family rely on your income? Would they be okay financially if you suddenly passed away and lost that income? If the answer is no, then life insurance is an important investment. Life insurance gives you the peace of mind that your family will be okay if something unexpected happens to you. 

3. It is an Income Replacement When you Need It Most

If your income suddenly disappeared, would you be comfortable with your family facing the burden of paying your credit card debt and personal loans? Life insurance acts as an income replacement in the event of the sudden loss of yours, so that those who depend on your income don’t need to take on your bills and debt. It means that the person who looks after your family in the event of your passing can afford childcare, healthcare, and pay off your credit cards

Take Advantage of Money Compare to Find the Right Policy

Finding the right policy for you, based on your needs and without breaking the bank, can seem like a tricky task. There are so many life insurance policies on the market, and not all of them will suit your unique situation. Money Compare makes it easy to narrow down your search and find the right policy. We have partnered with leading insurance advisors at The Insurance Department who can provide free, tailored advice and free quotes. With a simple request, you will be matched with an advisor, who can help you find the right policy that will adequately cover your family and financial needs and fit within your budget. 

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Invest in peace of mind and grab a life insurance policy today!

Further Reading: 

Do I Need Life Insurance?

How Much Life Insurance Do I Need?

Tuesday, 30 April 2024