Life insurance is a form of financial protection or coverage. It acts as a form of retirement planning, savings and even as an investment. Monetary support will be given to you if you are permanently disabled or critically ill, if your policy provides for this, or paid to your estate if you are no longer around.
Why is Life Insurance important?
Being able to take care of your loved ones even if you are no longer around, means having minimal disruption to their current lifestyles. To do that, it entails having adequate cover for your family's daily expenses. You can also care for your loved ones by planning, ensuring your legacy is passed down to future generations.
How much Life Insurance do I need?
It will depend on your salary that you earn and the liabilities that you will need to cover. Next, you will need to determine your expected living expenses. It will also be good to check out the other insurance benefits within the policy itself as they might have special coverage like total and permanent disability benefit.
*Disclaimer: PolicyPal does not, at any time, underwrite, originate, or issue insurance policies and/or insurance contracts. The underwriting, origination, and issuance of the insurance policies and/or insurance contracts are the sole provision and responsibility of the respective insurance company that a User may contract with through the PolicyPal app. Thus, any policies, liabilities, coverage, or responsibilities relating to an insurance policy purchased through PolicyPal (directly or indirectly) remain the sole province of the insurance company that provided that policy/contract. Furthermore, any claims or disputes in relation to policy/contract claims should be addressed to the underwriting, originating, or issuing insurance company as specified in that policy/contract. PolicyPal is unable to mediate, assist, convey, or dispute any claims or other issues related to the liability, coverage, or scope of any insurance product.
Please also note that PolicyPal will not be liable for any mistake, error, or omission that may occur during the electronic processing of the policies/contracts on the platform. PolicyPal will use its best efforts to ensure that any mistake, error, or omission is corrected when discovered. Users should inform PolicyPal in the event of their discovery of any mistake, error, omission, and/or update in the policies/contracts or their user details.