Life Insurance — Frequently Asked Questions
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Alliance life offers term life insurance: which is in force for a specific time and has a face value (coverage amount) that you specify when you buy the policy.
Important reasons to purchase life insurance:
- Final Expenses: Medical bills, funeral expenses, and burial costs can add up quickly and usually cost millions of shillings. Few people want to face their own mortality, but a life insurance policy will help your family handle these expenses after you are gone.
- Mortgage Protection: In the event of death, life insurance policies may be used to pay off outstanding balances on mortgages.
- College Funding. In the event of your death, your life insurance policy can help to pay for your children’s education.
- Income Replacement: When a couple plans to exist on two incomes, and the income is reduced to one because of death, insurance policies can be used as a bridge funding for a short period (often 2-5 years) until the family is able to get more permanent solutions for additional income. The death benefit paid to your spouse can help maintain the lifestyle to which she/he is accustomed.
- Cost of living: Life insurance can cover your family's vital expenses after your passing, such as the payment of your mortgage, outstanding debts and children’s college tuition.
- Business continuation: Business owners can purchase life insurance that can help protect their business in the event of death.
You may choose whomever you want to entrust with your life insurance benefit to help pay for expenses and obligations after you are gone.
The amount of life insurance you need depends on your goals, your family, and the expenses you want your family to be able to cover once you are no longer there to support them.
Life insurance proceeds can help your loved ones cushion the economic impact that may occur as a result of your death.
Life insurance is important for different individuals for different reasons:
- Some people want a life insurance policy that will help their business continue to flourish after their passing.
- Life insurance policies have helped many families at a time of need, when a primary income earner dies. When that happens, the family can be left with additional expenses and fewer financial resources.
- Living expenses, funeral expenses, debts, mortgage, or rent payments and education costs can all create an enormous financial burden for a family when a primary income earner passes away.
- Term life insurance is a highly affordable policy that can help prevent this scenario.
Life insurance can help to prevent the loss of your income and your debt accumulation from being passed on to your family as a financial burden after your passing.
Next, you should contact Alliance Life to be able to get more information on which cover suit you most.