A major issue of having life insurance when you are a pensioner is the high quotes and premiums on the plans. In South Africa, the minority of pensioners can afford insurance and others just cannot. Pensioners do not get the same income that they are used to when they were working, at times it is a lot less than they bargained for. It is a problem for most of our elders because they want to help their family or leave them some finances behind to take care of them, but unfortunately, they cannot afford it. But, this should not stop you from looking until you have found an insurance provider willing to assist you with all your requirements. Every company has its own set of policies and each with a different price, which means that somewhere there is a company that offers your affordable life cover.
What benefits do life insurance plan hold for your family?
A huge concern for married pensioners is leaving their spouse with debt after they passed away. If you have life cover, you would not need to worry, because your spouse will be able to use this cash to settle all debt. The money can also be used to pay the funeral costs of the insured person who has passed on. Parents can leave money for their children, especially if the parents know that their children are struggling financially. The money can help them get back on their feet and prosper in life.
The beneficiary of your plan can use the money for anything they want to like settling the debt, funeral or medical bills, mortgage, education, entrepreneurship, holiday and so forth. The funds will benefit your loved ones in various ways; this is why it is a good idea to have some financial protection in place for them.
It is a fact that life insurance can be expensive, but remember you as a pensioner do not have to take out the most costly plan there is. You can get something that you can afford, and your loved ones will still appreciate it. It is money they received but did not expect from you.
Compare quotes from different companies, because each company is cheaper than the other, somewhere you will find a policy that suits you, your requirements and budget best.
To have insurance for your family is a selfless act, it is an act of love and dignity. It shows the people you love that they meant the world to you and you thought about their future. Make the right decision today and try to get a life cover for your family.