Life Cover Provided By Life Insurance Policies

Disability. Disease. Death.  Those three dreaded "D's" are things that we never like to think about, much less discuss.  Nevertheless, most of us have experienced at least one of them in our personal lives to date.  Indeed, one of the challenges we all face during our time on this planet is to learn how to deal with the unexpected and unwanted that life throws at us.  This is why insurance companies have set up a variety of life insurance packages to assist your family in times of these unthinkable events.

From having a family member diagnosed with a debilitating disease like cancer, Alzheimer’s or Parkinson’s, to experiencing someone close to you become permanently disabled, and worse still, to experiencing a loved one’s death, whether premature or from natural causes, we all know the pain and heartache, not to mention the financial strain that these events can incur.

The last thing on your mind at times like these, then, should be the question of how you are going to afford all the medical bills, funeral costs and so on.  Life insurance, then, is a practical way of preparing for the worst, and then having secure peace of mind in case, or when, those terrible D's come to pass in your family. South African insurance companies all offer a range of life insurance packages tailored to the level of risk you would like to have covered.  The options to choose from here, then, include Life cover, Disability cover, Dreaded Disease cover, Functional Impairment cover and Accident cover, with each package offering the much needed financial assistance in those specific cases.

In understanding that any of these, can occur without warning, either through an illness or an accident, and that in all of these cases, these things would more than likely prevent you from working and generating an income for you and your family, your life insurance policy can provide you with an adequate payout to see you through these difficult times.  With most insurance companies, this payout takes the form of a lump sum, awarded to you, or in the case of your death, to your beneficiary, when your condition has been medically certified.

Hearing this then, and especially in the case of an accident, disease, or anything that would incur medical costs, someone might wonder why you would need both life insurance cover in this regard and a medical aid scheme, because, in the long run, you could ask, is the medical aid not offering the same thing – financial support?  The answer here, though, is simple, for as essential as medical aid schemes are in assisting you with medical costs, in cases where the bills are extensive or keep climbing year after year, medical aid schemes can still leave you with a hefty chunk to pay yourselves.

Also, as their name implies, medical aid schemes only cater for medical expenses and can generally offer no assistance with income when the bills have been paid and you are still unable to work due to disability or functional impairment. That is where your life insurance policy can come in to alleviate that extra burden of cost.