Family is all that We’ve Got: Life Insurance for Families
Posted on: 21st Jun 2019
Life is in stages and in due time, we all graduate from one to another. There is no official age to arrive at each stage as it is unique for every one of us. Hence, from the time you do decide to get married and start a family, your life begins to transcend from one stage to another. In the beginning, it’s you and your spouse against the world but as time passes, your family of two is bound to grow into a family of more.
We have to talk about your family (wife/husband and kids) simply because we understand that they’re the most important people in the world to you. Your role in your family demands that you be a lot of things, in addition to being a caregiver, emotional support system and so on, you are also most likely the (or a) financial pillar in your household. Your family relies on you to cater to their needs (especially financially) and if for some reason you were no longer able to provide for them, chances are that they’d have to go through major struggles to bounce back.
Your family shouldn’t have to go through such terrible times when you can simply take out a life insurance plan that is capable of seeing to their financial needs for a reasonable amount of time even after your demise.
Life Insurance for Families.
The most straightforward type of insurance one can purchase with his or her family in mind is term life insurance. This can be for a term spanning 1-30 years.
Term Life Insurance.
For a specified number of years you pay premiums lodged into the framework of your policy which acts as a financial safety net in the event of your death and this what is referred to as term life. If the inevitable happens and you do pass away, your death benefits go to your entire family. A family policy term life insurance caters to all registered members of the family.
Note also that this policy can usually accommodate two adults (that is you and your spouse). This means that if you or your spouse passes, your family gets a payout from your life insurance policy. This type of family-oriented policy is usually cheaper in premiums because there is only one payout whether both parents die at the same time or not.
Policy Riders.
What are policy riders? These can be said to be little policies that introduce unique and strong clauses to the main policy being purchased. There are a few policy riders that you can purchase in addition to a family insurance policy. Some of them include;
- Children’ Term Rider.
This rider allows you to take on coverage for each child in your family with the added advantage of providing coverage for your kids yet unborn.
- Disability Waiver Rider.
This policy is so important because while you may not be dead, you can easily get disabled by a mishap and not be able to provide for your family. In the event that this happens, all future premiums are waived with the policy still valid and in effect for the entirety of the term should this disability become permanent.You can find attorney to claim compensation for disability incurred. If it is denied in lower court, then you can also find an attorney who can help you in appealing a denied claim.
Statistics reveal that 7 out of 10 families struggle to pay bills, debts and attend to a lot other financial related commitments after the breadwinner of the family dies. Do your family a favor and get yourself an insurance plan that benefits your entire family. The Money Appreciation plan by African Alliance is also one to look into as this provides you with a viable form of investment. As the name suggests, your money appreciates in this plan with a unique addition of a life insurance cover. Find out more on our website; www.africanallianceplc.com
