What is life insurance?
Life insurance is the only insurance you don’t buy to protect yourself – you buy it to help your family and dependents cope financially when you are not around to provide for them. Life insurance provides a lump sum payment of an agreed amount upon your death. Those left behind find these funds useful for things like:
- Mortgage repayments
- Day-to-day living expenses
- Raising children
- Protecting retirement savings
- Paying for funeral expenses
Who needs life insurance?
Life insurance is essential if your death is going to negatively impact on someone else financially. Consider your family, dependents and business partners – will they be able to financially cope without you?
If you die, who are the people who would suffer serious financial consequences? Life insurance makes it remarkably simple for you to protect them and to make sure that the people closest to you can cope - financially at least – after your death.
How much cover is right?
Abacus can help you determine how much cover is right for you. It’s important to get the amount right as too much cover will mean you’re wasting your money and too little could mean the people you care about aren’t taken care of.
We use a fact finding process that gives you a chance to tell our specialists about your situation. At the end of this process the answer will be clear.
How much does life insurance cost?
Individual cases vary. Cost depends on the following things: your age, health and gender; the amount of cover you choose and whether or not you smoke. Many people can arrange weekly premiums for less than the cost of three cappuccinos.