These
policies are designed to provide you with a benefit in the event of the
death of the life insured, and at the same time offer a medium to
long-term savings vehicle.
It's life insurance and savings all in the one policy
Life has a way of coming at us from any direction...
We all know that we need to be prepared for the unexpected events that
life can throw at us. In particular it’s important that those closest
to us are looked after when we can’t be there for them. The odds of
dying while still of working age are about seven to one, so it’s
important to get your life insurance right.
There’s an even stronger chance of not being able to work because of
major injury or illness at some stage during your working life. Your
family and business financial obligations still need to be met, so
again you need to be prepared with appropriate cover.
And what if you beat those odds and live to enjoy your old age in good
health? Whole of Life and Endowment policies double as appreciating
assets, providing you with extra funds when your need for life cover
reduces.
Case Study :(names and places changed to maintain anonymity)
Ben and Susan have a young family and a new home. Not only do they want
to protect their family and cover their debts if either of them dies
they also want to have a little extra in reserve for their retirement.
Ben has chosen a Lifestyle Whole of Life Plan and Susan a Lifestyle
Endowment Plan maturing at age 55.
If they need cash before then they know they can either borrow against
their policies, or change the maturity date of Bens policy so it
matures earlier – but in any event, they’ll have some money towards
their retirement and the security of knowing their family is covered
should the worst happen.
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