Life Insurance

Life insurance is normally paid out as a lump sum upon death, or the diagnosis of a terminal illness.

Usually the amount of life insurance takes into consideration any mortgage amounts, funeral costs, and any other debts such as credit cards, hire purchase and car loans. An amount should also be included to cover child care costs for a period, education and family living costs. An option to the lump sum payout is to choose a monthly payout amount which makes budgeting easier and does away with the possibility of having to invest funds in what may be an unpredictable market.

 

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