Death Cover
Death cover may be important for people of all ages, especially if you have others relying on you and large debts such as a mortgage.
Death cover provides a lump sum to your beneficiaries if you die. This can be used to help meet the costs of your mortgage, other debts and/or cover your family’s future expenses. Many policies make an advance payment of the insured sum if you are diagnosed with a terminal illness.
Why do I need it?
Try counting the number of years to your retirement and multiply this by how much you earn. If you were to die this is the amount of money you are no longer able to provide for your family. To your family this represents food, clothes, education, paying off the mortgage and being able to carry on with day-to-day life.
Who will receive the money?
When the person who is insured passes away the agreed lump sum will be paid to the person nominated to receive the money. Typically in a family situation this is the spouse. It is up to the person who receives the money how they use it
How much do I need?
Talking to your Bluefin financial planner to do a proper assessment of your wealth protection needs is a good idea. They will generally look at an amount to reduce or pay off your debts, provide for major future purchases, your kids’ education, and generating an income to cover your family’s daily living expenses.
What if my circumstances change?
As your life changes so do your insurance needs. There are particular points in your life like buying property, having a child, and getting married, where you’ll find that your financial responsibilities increase. It’s important at these times to review your cover. Your Bluefin financial planner will do a regular review with you to assist you with any changes to your circumstances.
