The Benefits of Life Insurance.
You understand the need to protect your family in case of your death or disability.
You have protected your income earning potential through a life insurance and disability insurance policy.
But, the loss or disability of your spouse - who is raising your children, could cripple you financially. Just consider how much time you would have to find each day to keep the family running.
Consider the cost of a full time au pair. Would you be able to cope and still keep your job?
What about your bond? Would it not be desirable to have your home paid for in the event of death or disability? It certainly will give a great deal of security in such trying times.
What about your spouse's debts, credit cards and accounts? Having to settle these balances will place undue strain on your finances.
Although you may inherit their estate free of duty, there are still costs to be paid.
These costs include executor's fees, funeral expenses, Master's fees, and transfer (conveyance) fees in respect of immovable property registered in the name of your spouse. Where will you find the money?
Their estate might not have cash readily available to meet these expenses, requiring you to make an immediate cash contribution or face the enforced sale of your home or liquidation of other assets left as inheritances.
For spouses married in community of property the situation is worse because the executor's fee is levied on the value of the ENTIRE JOINT estate.
Would your spouse like your children to get a definite inheritance on his/her death?
Looking after your spouse's aged parents? Will you inherit in-laws (or be faced with the unpleasant task of extricating yourself from the moral responsibility of accommodating them)?
Not exciting thoughts, but nevertheless very important!
I have the answer for you. For a affordable premium, you can take care of these worries.
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