Life Insurance Demystified:
Finding the perfect policy for your needs
Choosing the right life insurance coverage depends on various factors, including your financial situation, personal circumstances, and future needs.
​
Whilst we always advise you to call our client advisors at Nautica Insurance Brokers first, we list a few of the frequently asked questions to make your journey more informed.
​
Here are some common types of life insurance policies to consider:
Term Life Insurance
This type of insurance provides coverage for a specific period, typically 10, 20, or 30 years.
​
It offers a death benefit to your beneficiaries if you pass away during the term of the policy. Term life insurance is often more affordable than permanent life insurance and is suitable for those who need coverage for a specific period, such as until their children are grown or their mortgage is paid off.
Whole Life Insurance
Whole life insurance provides coverage for your entire life, as long as you continue to pay the premiums. This is usually sold with the upper maturity age of the policy being set at 60/70/80 or 100.
​
It also can include a cash value component that grows over time and can be accessed through loans or withdrawals. Whole life insurance offers lifelong protection and can be used as a tool for estate planning or leaving a legacy for your beneficiaries.
To determine which type of life insurance is right for you, consider factors such as your budget, financial goals, risk tolerance, and coverage needs.
We urge to consult with a Nautica Insurance Broker financial advisor to help you evaluate your options and choose the policy that best aligns with your individual circumstances.
LIKED THIS ARTICLE?
SHARE IT TO YOUR FAVOURITE PLATFORM!