Thinking of death or preparing for the worst case scenarios of life can seem depressing or even a taboo in many cultures. But as the saying goes “Better safe than sorry.” Life Insurance is your and your family’s safety net when the worst scenario plays out in your life.
Trying to find a life insurance policy at a price you can afford may be challenging. If you are in good health you may not see the importance of getting a life insurance cover but it is very important. If you have a family that will needed to be looked after and provided for in case of your death it is important to get a cover as early as possible.
Once you have determined that you need a life insurance cover, the next step is to figure how much you will need. One of the oldest tricks has been to take your current salary and multiplying that figure by eight. This will give you an estimate of how much insurance you need. Another way is to use the online calculators.
The next important step is to familiarize yourself with life insurance terms. Check out a past blog on Insurance terms you should know http://www.madison.co.ke/blog/2014/05/24/8-most-important-terms-to-know-in-insurance/ familiarizing yourself with these terms can help you determine which type is best for you.
When considering to buy life insurance and you are employed, be sure to check with your employer before consulting an insurance agency. Depending on your company, your employer may be able to give you a better rate on life insurance due to having made a deal with the Insurance Company to insure a large number of employees. If this is possible you may end up getting a good rate for yourself and your family.
Our Madison Life Assurance policy has you covered. http://www.madison.co.ke/life-assurance/whole-life.html Some of the features of the policy include:
- The sum assured & any accrued bonuses are payable upon the death of the life assured throughout the lifetime.
- At age 70 years, 80% of the sum assured is payable to the policy holder and the 20% balance payable to named beneficiary upon death of the Life assured (Person whose life is covered by the policy.
“The only person who will take care of the older person you will someday be is the younger person you are now.”