Why do I need Life Insurance?

Before we ask the question "Why do i need life insurance?" we must first establish what the meaning of life insurance is, if you look up the meaning of life insurance you will find something more or less along the lines of:
"Life insurance is a protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured."
 
6 Reasons Why I Should Get Life Insurance
 
1) To Pay Final Expenses
The cost of a funeral and burial can easily run into the tens of thousands of Rands, and I don’t want my wife, parents, or children to suffer financially in addition to emotionally at my death.

2) To Cover Children’s Expenses
Like most fathers, I want to be sure my kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while my kids are still at home.

3) To Replace the Spouse’s Income
If my wife had passed away while the kids were young, I would’ve needed to replace her income, which was essential to our lifestyle. I also would’ve needed to hire help for domestic tasks we’d shared like cleaning the house, laundry, cooking, helping with schoolwork, and carting kids to doctor’s visits.

4) To Pay Off Debts
In addition to providing income to cover everyday living expenses, my family would need insurance to cover debts like the mortgage so they wouldn’t have to sell the house to stay solvent.

5) To Buy a Business Partner’s Shares
Since I’m involved in a business partnership, I need insurance on my partner’s life. The reason is so if he dies, I will have enough cash to buy his interest from his heirs and pay his share of the company’s obligations without having to sell the company itself. He has the same needs (due to the risk that I might die), and he simultaneously purchased insurance on my life.

6) To Pay Off Estate Taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.
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Address

Durban Branch:
Santoni House
7 Sinembe Crescent
Somerset Park
Umhlanga
4139
 

Randburg Branch:
AF5 Gallagher Business Exchange
688 Gallagher Avenue
Halfway House
Midrand
1685

Contact Info

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Durban Phone: +27 10 590 5643

Randburg Phone: +27 11 869 2266

Fax: +27 11 869 3300