The most common reason an individual needs life insurance is to provide for the financial needs of dependents in the event of death.
Main income earner within a family
If the main income earner in a family were to die, life insurance provides some financial security to family members left behind. The amount of cover you need will vary. Our needs analysis will help to ensure that you have the correct amount of cover that you require.
Stay at home parent
Stay at home parents have financial value to the family unit. If they were to die the children would still need care so the spouse left behind would have to pay for some form of child care. A life insurance policy would provide the financial security to enable this to be done.
Newlyweds or those choosing to live together
Once a couple gets married, or starts living together, life insurance cover on each person often becomes necessary to ensure any financial commitments they share can be met in the event one person dies. This can be particularly important if one of the couples makes considerably more money than the other, or if either party have other financial dependents, like parents or siblings.
New parents
It is common for new parents to take out life insurance.
Retired individuals
A retired couple may consider taking out life insurance to provide extra money for the person left to cover funeral expenses, the cost of settling an estate and unexpected medical and long-term care expenses later in life.
Those with mortgages or other debts
A bank may require you to take out life insurance as a condition of loan approval, or you may wish to do this to ensure dependents are not left to deal with the financial burden of the loan.
Business partners
If for example you are a partner in a small business and the success of the business relies significantly on your ability to bring in clients and money, you can buy a life insurance policy that names your business partner as the beneficiary. In the event of your death your business partner/s will have financial security for a period of time to help while they implement the necessary changes to operate the business successfully without you.
