Life cover is a big advantage for your family once you’re gone.
When you die, a lump sum is given to your family to ease financial and emotional hardship. This makes the tragedy of your death bearable on the financial side. Not only does it do that, but also especially if you are the bread winner in the family.
Keep Your House
If you are someone who is currently paying off a house through a bond, get life cover. Once he who was paying the bond of a house (or rent) dies, life cover is there to keep a roof over the heads of those who still live in that house or apartment. It gives your remaining family some time to adjust to the changes that come about once you’re gone. They can then find their way through it all after a certain period of time.
Continuation Of Debt Payments
Life cover can also be used to pay off debts of the deceased. It prevents any repossession from taking place once the debtor dies, leaving the remaining family with the belongings. The last thing the family needs after the death of a loved one is things being taken away from them by force because of unpaid debts. Obviously the debtor won’t be there to make necessary payments or continue with installments.
Life cover also takes care of the funeral costs and any expenses needed for a gracious funeral to take place. It is, then, very helpful for the few you leave behind in terms of a steady continuation of finances, until they can carry on by themselves.
Keep Your Kids In School
In the case of losing a father or mother, life cover is there to ensure that the school fees are still paid, there’s still food on their tables (till the guardian or the parent left can take all the expenses in his/her own hands) and rent is paid. It also provides for your family while the remaining parent looks for a job, if they were unemployed while you were around.
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