What is Life Cover? Life Cover pays a lump sum of money if you pass away or become terminally ill. Life Cover is designed to help your family pay costs that you would have helped with if you were still alive.
What do most people use Life Cover for?
- Paying off the mortgage. Many people need to reduce their debt as quickly as they can if they go from two incomes to one.
- Providing future financial support for their children. For example, our customer Pam (below) used part of her advance life insurance payment, after becoming terminally ill, to pay for her children’s tertiary education.
- Providing extra income for their family after they’ve gone, or contributing to their spouse’s retirement fund. Many people would need financial support if an income earner passed away.
- Paying for childcare support if the person who passed away was the primary caregiver. Many people find that, as the remaining parent, they need extra support. If they continue working, they may also need more childcare support.