Life insurance protects those who depend on you, such as your spouse, children, and possibly your parents. If you die prematurely, life insurance can settle your outstanding debt and provide ongoing income to your dependents until they are financially secure. It can also cover everyday expenses, legal fees, medical bills, and funeral costs if family savings are insufficient.

Life insurance provides financial security for your family in the event of your death. It ensures they can cover basic needs, future expenses, funeral costs, or outstanding debts like a bond. If you don't yet have life insurance, now might be the time to consider it for your peace of mind and your family's financial well-being.

Life insurance should replace your income-earning potential and cover your financial liabilities. A general guideline is:

• Multiply your gross annual income by the number of years left until your retirement age.
• Add your current debt liabilities.
• Subtract any existing life insurance coverage. This calculation gives an estimate of how much life insurance you need.

A beneficiary is the person nominated to receive the payout from your life insurance policy in the event of your death.

This is entirely up to you. You might choose your spouse, children, or multiple beneficiaries to distribute the payout. It's a good idea to review your plan periodically to ensure it aligns with changes in your life.

Your coverage begins once your policy is approved and your first premium is paid. Some insurers provide temporary conditional coverage during the application process, provided specific conditions are met.

In most cases, only an HIV test is required. This is performed at the expense of the insurer, at a time and place convenient for you.

Failing to pay a premium may result in a lapse in coverage for that specific month. It’s important to contact your insurer to make alternative arrangements. The policy may fully lapse if multiple premiums go unpaid.

Premiums are based on your specific risk profile, which includes factors like:

• Age: Younger individuals typically pay lower premiums.
• Gender: Women often pay less due to longer life expectancy.
• Health: Pre-existing conditions or a history of illness may increase premiums.
• Lifestyle: High-risk activities or hobbies, like skydiving, can raise premiums.

High-risk clients include smokers, individuals with hazardous jobs or hobbies, past dependencies on alcohol or drugs, or those with certain health conditions. Being honest about your health and lifestyle is crucial when applying for life insurance.