Medical breakthroughs and a good quality of life means that lots of us live happy and healthy lives until old age. But life can be unpredictable. Life insurance is a financial safety net for your family if you die during the term of your policy. It gives you peace of mind now and protection for your family long into the future.
Having the right life insurance means that your partner won’t lose their financial security after your death. Your life insurance policy can help your partner pay for household expenses, education costs, unexpected bills and other day-to-day financial commitments.
If your children are still at home, life insurance lets you provide for them even if you’re not there. We all know that bringing up a child can be expensive. The right life insurance policy makes it easier to cover costs such as childcare, school books, clothes and more after you die.
Even after your children leave home, life insurance means that they won’t have to worry financially about your partner. With your life insurance policy, your partner is in a more stable financial situation. So even in the event of your death, your children are freer to continue building their own lives if you have good life insurance.
If you care for an elderly relative or someone else who can’t look after themselves, life insurance can really help. After you die, your life insurance can secure alternative care for your loved one.
When you buy a house, your financial institution requires you to have Mortgage Protection insurance. This pays off your mortgage if you die before your debt is fully paid off. In the event of your death, laya life pays the sum directly to your mortgage lender. If you have loans against any other assets, life insurance is also advisable. It can make the process of distributing your estate and proceeds a lot quicker. As well as that, it can contribute towards expensive legal fees and probate costs.
Yes, you can get a joint life insurance policy that covers two people. Joint policies only pay out once, based on the first person who dies. After that claim is made, the other person no longer has life insurance cover.
At laya life, we know that our members lives are always changing. If your circumstances are different now than when you first took out your policy, it could be time for an update. Find out how to calculate what you need or contact our trained Customer Care Team for more advice.