When is the best time to take out life cover?
The answer to this question is quite simple. If you have dependents (wife, kids, parents, or perhaps a loved one who’s physically or intellectually disabled), you should consider taking out life cover. Life cover is a long-term insurance product that pays out a cash lump sum when you die, and those funds can be used by your loved ones to take care of your family and loved ones (clear outstanding debts, cover living and future expenses, pay for your children’s fees or tuition).
What if you’re single?
Just because you’re single doesn’t necessarily mean you don’t have direct or indirect dependents. You could be a single mom or dad, care for your elderly parents, or look after family members who can’t care for themselves. If you leave behind a disabled family member, they may suffer if they don’t have anyone else to care for them financially. Despite your age or marital status, taking out life cover is one of the best things you can do for your loved ones when you’re gone.
What if you’re a stay-at-home parent?
While you may not contribute much to your household’s income, you probably play a crucial role in running your household (and taking care of your kids). The role you play as a stay-at-home parent would be negatively affected should you die because your partner might have to get a domestic worker and/or au pair to run your household and take care of your children.
What if you’re undecided?
If you don’t already have life cover in place and you’re thinking about delaying it for another year or two, here are a few reasons you should reconsider:
Firstly, you’ll never be younger than you are today. If you finally take out life cover several years down the line, your premiums will be higher, and the amount of cover you qualify for may be reduced (based on a range of factors like your age, health and various others).
Secondly, as you get older, so do your chances of developing a minor or even serious illness. If you take out life cover after contracting a serious illness your premiums will be significantly higher, or your illness could be an exclusion on the policy, which will prevent you from taking out the cover.
No-one knows what the future holds, and nothing is certain in life. However, if you have life cover, you can rest assured that your loved ones will be taken care of when you’re no longer around to do so.
Get covered today
Life Cover from Standard Bank’s Direct Life Insurance services offers peace of mind and helps you plan for the future. Make the right financial decision and choose the bank trusted by millions of South Africans for over 150 years. Get a no obligations quote today or ask a customer service agent to call you back.