Key points

• We’re getting oh so close to Christmas, which means finding the perfect gift for loved ones is top priority.
• This may sound a little odd but hear us out — a good life insurance policy is probably the best gift you could purchase for your family.
• A life insurance policy takes care of your family’s financial needs, if something were to unexpectedly happen to you.
• This article explains why life insurance is the smartest Christmas gift you could give.

 What is life insurance and why does it matter?
Life insurance² covers your family’s living expenses, debts and other essential costs, in the unexpected event you were no longer around to support them. Think of it like a safety net, that keeps your family stable during one of life’s most difficult times. This cover gives your family the opportunity to grieve and heal, without having to worry about paying the bills or putting food on the table.

What do I need to know about life insurance?

• A lump sum payment is made when a person passes away. This is known as a death benefit, and is used to cover essential costs, such as bills and living expenses.
• There are different kinds of life insurance, including coverage for a set period or whole-life coverage.
• Some policies also offer living benefits. This means they can help to cover medical bills and other costs if you’re diagnosed with a critical illness or disability.
• It’s not always expensive. In fact, it’s often fairly affordable, especially if a person purchases it when they are younger and healthier. (Although any time is a good time.)
• It can act as inheritance. Life insurance allows people to leave their children and other beneficiaries a financial legacy that cements their future.
• It gives people peace of mind. Most people who secure cover say they feel relieved that their family will be taken care of, if anything unexpected were to happen.
• It’s not set and forget. Once a policy is secure, it’s important to review it, especially after big life events like marriage, having children or purchasing a property.

What other insurances do I need to know about?
Many people choose to organise all of their critical insurance policies at once. Here are some other important policies designed to take care of you and your family.

Disability insurance
Disability insurance covers you if you’re unable to work as a result of illness or serious injury. This type of cover is particularly important for the primary breadwinner of a household, as the family depends on this income to pay the bills and maintain their quality of life.

Critical illness insurance
Critical illness insurance covers you if you’re diagnosed with a serious condition, such as a heart attack or cancer (covered under the policy). If this happens, you receive a lump sum payment to assist with medical bills, household costs and any other expenses, which means you can stay focused on recovery.

Income protection
Income protection provides you with monthly financial support, if you’re unable to work due to illness or injury. It means you and your family can pay the bills and maintain your standard of living, while you get back on your feet.

How do I choose the right cover?
It may feel a little overwhelming, but making proactive decisions about how to best protect you and your family is well worth it. We can help you make the right choices, by guiding you through options that are a good match for you.

Getting this done before the holiday season is in full swing is a wonderful way to ensure your family has the protection they deserve. It’s an investment in their future, and offers reassurance that no matter what, their needs will be taken care of.

If you need support making this happen, please get in touch.