4 Reasons you shouldn't cancel your life cover
Times are tight, and everyone is looking for ways to save. If you've been toying with the idea of cancelling your insurance cover and revisiting it sometime down the line, here are four reasons why you may want to reconsider.
1. Your loved ones
If your loved ones depend on you financially, they're likely to need financial support after you're gone. With our life cover, they'll receive a cash pay-out when you die, helping them take care of day-to-day expenses like food and transport, monthly expenses like school fees and home loan repayments, and even future expenses like tertiary education.
2. Your age
Your age is taken into account when you apply for life cover, and it can have a significant impact on the calculation of your insurance premiums. Right now, you're the youngest you'll ever be and, and premiums will cost more the older you get; stopping your life insurance means you're going to pay higher monthly fees when you take out cover again.
3. Your health
Your health plays a crucial role in determining your monthly instalment amount. If you cancel your insurance while you're still healthy and are then diagnosed with a severe illness, you may not qualify for cover should you decide to take it out again. If you do qualify, your premiums will likely be significantly higher than what you currently pay, and you may not be eligible for the same amount of cover as before.
4. Your debts
If you don't have life insurance, your assets and any cash left in your estate will be used to pay off your debts, which ultimately means that your heirs will inherit less.
Instead of cancelling your policy and impacting your financial future, rather have a look at our Life Cover page and get a quote or request a call-back to see how we can assist.