But is life cover an important policy to have? Here is what you need to know.

What exactly is life insurance?

Life insurance is one of the crucial safety nets you and your family will need. However, some people tend to delay having life cover because of overestimating the cost of life cover by five times more than what it actually costs. If your thoughts lean towards how your loved ones will continue life without you and who will support them financially, then you know you need life insurance. It is a policy that is needed by everyone, even if you are not married with children. One of the benefits that come with life cover is that it grows with you through each life stage.

It is the gift that keeps giving

Life insurance is not only there to take care of the needs of your loved ones once you have passed on, but it can also be used while you are still living. Essentially, this is a financial safety net that is created to protect you and the people that matter the most to you from some of life's unexpected moments.

It can act as a financial shield against some of life's unexpected expenses such as being diagnosed with a terminal illness like cancer which can cost a minimum of R10,000 - R1 million a year. Some of the key benefits that come with life cover are:

• Life insurance is paid out when you have been diagnosed with a terminal illness or have died.
• It's a safety net that offers peace of mind knowing that your loved ones are financially protected.
• Can be used to take care of medical bills, daily living expenses, paying for educational expenses, debt, purchasing of property, charity, investing or however your loved ones see fit.

This may differ from insurer to insurer. Therefore, make sure that you check what you are covered for before agreeing to a policy

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Does it matter if I have life insurance?

Think of life insurance as an umbrella. While it is still sunny no one sees the need for it, but when it rains it pours and this is when it is needed the most. Life cover acts as an investment for you and your loved ones to know that you will be financially protected when you are diagnosed with a terminal illness that can burn a hole through finances or even death. It is important for anyone - even if you are never planning on having a child or family of your own.