Life insurance, life cover or life assurance as it is often known as, ought to form a non-negotiable portion of every person’s financial planning. For some reason life cover always gets left to last, particularly if people think that they are “too young” to secure life cover.

The reality is that the unforeseen can happen at any time! Have you ever halted to contemplate what would happen to your household and kids if you were in an automobile accident and unable to work and earn a living? Or what if you are a single person with no dependants and you’re impaired due to whatever reasons – who will look after you and pay your healthcare bills and other expenses?

Life cover really should not be left for next season, next month, next week or even tomorrow. It is a topic that deserves attention Now!

If life cover is still a new subject for you, the subsequent phrases and explanations should be able to shed some light on the matter.

Beneficiary: The beneficiary is the individual designated to obtain the life cover. Most of the time the beneficiary is the policy holder, but it can also be a close relative, family member or any other nominated person.

Attained Age: If an insurance broker or insurance agent asks your attained age, they are just referring to your actual age. How old you are is one of the main components that insurance firms use to ascertain your life insurance premiums. Generally the younger you are, the lower the premiums – that’s obviously based on the supposition that you are a healthy person without any serious ailments to begin with.

Exclusions: This phrase will be found on all insurance policies, not only on life cover policies. Exclusions are widely-used to specify situations when your policy rewards will not be paid. Pay special attention to these exclusions as you do not want to hear that your policy is null and void if you try to put in a claim.

Lapse: Failure to pay your policy premiums will result in your policy being cancelled.

Life cover is not created for the elderly or the ill; make sure that you get your life cover in place from a young age!

For more information on life cover, go to http://www.alllife.co.za