What is life insurance?
A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured's death.
Do you need life insurance?
People rush out to buy life insurance – it’s hardly a glamorous purchase and nobody really wants to think about their own death. But a decent life policy is a must-have for people with dependents and other responsibilities.
Types of insurance
There are two main types of life cover: term insurance, and whole life assurance.
· Term Life - choose the amount of life cover you need and the length of time
· Whole Life - permanent form of insurance protection
There are several other types of life insurance, so it’s important to understand which is likely to suit you best:
· Mortgage Protection
· Instant Plan
· Keyman Insurance
· Group Life Assurance
· MTN Y'ello Life
Benefit of having Life Insurance
Life is full of surprises, therefor it’s hard to predict what will happen in the future and so all the more reason to be prepared for whatever life may throw at us. Taking out a life insurance policy will support your dependants should the worst happen to you, giving you peace of mind that they'll be financially protected when you're gone.