Let's start with how much you need. But don't worry. If you're not sure of the amount, our calculator can help you figure it out quickly and easily.
You only need to buy life insurance if you have people who depend on you financially. That’s why life insurance is for, to give them a cash lump sum so that they can maintain their lifestyle in your absence.
If you have financial dependents, you will need life insurance to protect their financial well-being in case the unthinkable happens.
It’s a safety net against major financial loss by offering a lump-sum payment to the named beneficiary, usually a loved one, upon the death of the insured person.
If you have people you care about and they depend on you then you need it. Especially if you have outstanding debts (mortgage, car loan, etc.) or you make significantly more than your spouse.
Term Life Insurance, Whole Life Insurance, and Investment-Linked Insurance are the most popular policy types. Insurance providers may also offer variations of these categories to cater to different needs and preferences.
Term Life Insurance: Provides cover for a specific term or duration, i.e 1, 10, or 30 years. It typically has lower premiums compared to the others.
Whole Life Insurance: Provides cover for the entire lifetime of the insured person. It combines a death benefit with a cash value component.
Investment-Linked Insurance: Combines life insurance coverage with investment by allocating a portion of the premium to investment funds.It carries risks and the policy value may fluctuate.
Not necessarily. Insurance agents can provide guidance and assistance but you also have the option to get insurance directly from the insurance companies’ online platforms.
It’s totally up to you. But since you asked, we’d start with Term Life Insurance. It’s simpler and focused on protection, flexible as you can choose the term that matches your needs, and usually the most affordable too.