There are many myths surrounding the much-avoided topic of life insurance, but are any of them true? A life insurance policy is meant to secure your family’s financial interest after you die; it’s not a monster worthy of legend (depending on which insurance company you choose, of course) so there’s no need to be scared of buying one.
FRANK.NET offers a straightforward and uncomplicated solution to your life insurance requirements. We sell life cover that pays up to R10 million to beneficiaries of your choice, when you die. If you’re interested in the financial security of your loved ones when you die, then life insurance from FRANK.NET is perfect for you. Contact them today for a free quote.
Who needs life insurance?
The point of life insurance is to protect the economic wellbeing of your dependents if you pass away. If you don’t have anyone who depends on you for financial sustenance, you don’t need a life insurance policy. Should you possess a wealth of assets that could be used to secure your family’s income and lifestyle, you also may not need it. But not needing it doesn’t mean it isn’t a good idea to have it.
Conversely, if you have few assets and lots of debt, as well as dependents, you need a life insurance policy. Most plans are specifically designed to fill the gap between what your beneficiaries have while you’re alive, and what they’d need if you were to die.
How much life cover do I need?
Jot down your assets and debts. If you’re married, go through your annual financial plan and determine how many of your expenses are handled by each spouse’s salary. Consider how either of you would fare – financially – if the other spouse were to pass away. Would the survivor be barraged with a ton of debt?
If you have a gap between the survivor’s yearly income and what is required to maintain their standard of living, establish roughly how many years that gap would last. Multiply that amount by the years to come for a rough estimate of how much insurance you’ll require. Then add any big debts: mortgage, college tuition and similar expenses. Finally, round up to the nearest quarter-million.
From whom should I buy life cover?
FRANK.NET offers life cover to secure the future of your loved ones when you die. It’s never pleasant to think about it, but life insurance is a necessity. If you have dependents, consider taking the necessary steps required to acquire a comprehensive life cover plan.
Contact FRANK.NET today for more information on our range of insurance products, or for a free life cover quote.
