Ezicover Term Life Insurance

The greatest legacy you can leave your loved ones.
Peace of mind.

Why do I need Ezicover Term?

You can never underestimate the feeling of security that comes from knowing your family are taken care of no matter what happens in life. Everyone wants to do the very best for the people they love. At the same time, we all want solutions that guarantee value for money. Ezicover Term can help to ensure a secure future for your family at a price you can easily afford.

Ezicover Term - Benefits at a glance

• Gives financial protection and security for you and your family, from less than $1 per day *
• Provides your loved ones with a lump sum payment in the event of your death or a terminal illness where your life expectancy is less than 12 months
• Gives you financial peace of mind if you suffer a terminal illness
• Ensures your family has the funds to help repay debts, such as loans, credit cards, mortgages or even funeral costs
• So simple, it's easy to understand and put into place
• You can choose cover between $50,000 and $750,000
• Available to those between the ages of 19 and 59

*Based on a monthly premium of $29.06 for $200,000 cover for a male non-smoker aged 45 years.

What is Life Insurance?

What will happen to your loved ones after you die? Will they be able to support themselves? Can your spouse manage the mortgage payments and ensure your children are able to attend university?

Arranging life insurance cover is the best way to ensure your family is taken care of in the event of your death, giving both you and them peace of mind.

Many of us are superstitious about planning for after our death, believing it to be a morbid topic and one that might even hasten the inevitable. But knowing you have a comprehensive life insurance program in place will provide peace of mind for both you and your loved ones.

Life insurance, put simply, is a policy provided by an insurance company that pays your family either a lump sum or a series of smaller sums in the event of your death. Policies vary widely; some may guarantee a payout, others expire after a certain period of time. Some have premiums and payouts set in stone, while others offer more flexibility.

There are many factors to consider when choosing a life insurance policy. What sort of cover do you need? How much cover should you arrange? Do you need basic life insurance or more extensive critical illness cover, and what about tax?
As a financial data comparison site, Insurance Kings can direct you to the best life insurance deals to meet your needs. The internet makes it easy to shop around to find the best deals, but you need to ensure that a deal really suits you and your family.

How much cover do I need?

The first step is to establish how much cover you will need, and for what purpose. Will your family need full financial support after you die? Do you wish to arrange for your mortgage to be paid off, or your children's university education be paid for? Perhaps you wish to ensure your business partner can survive the upheaval caused by your death.

Reasons for arranging cover could include:

• Replacing the primary earner's salary - ensuring the family does not fall upon hard times in the event of the primary breadwinner's death - is often the main reason for arranging life insurance. The amount of the payout should be calculated according to the earner's net salary, the number of years it will be needed to maintain the family, as well as additional expenses incurred due to the breadwinner's death, such as childcare. The amount can be paid in a lump sum and invested in order to pay out the income required, or paid as a pension to the beneficiaries in monthly instalments.
• Replacing childcare - the death of the primary childcare provider may create expenses in the form of full-time childcare. The level of care needed and for what term depends on the age of the children.
• Education expenses - cover can be arranged for school fees and/or university tuition and expenses for children in the event of the death of the primary earner also.

In some cases, policyholders may be concerned about leaving debts behind and they may simply wish their family to be able to keep up a certain standard of living after their passing.

It is recommended that you use your current annual salary as a base guide from which to establish how much total cover you wish your policy to provide. A general rule is to choose a policy providing at least ten times your salary; in certain circumstances, up to 25 times salary may be appropriate. Again, the amount will vary depending on how you intend it to be used and your individual circumstances.
If you are unsure about the type of cover you need or the level of cover you should insure for then you can speak to one of our insurance specialists for expert advice.

Who should be covered?

Life insurance is not merely the sole province of the 'breadwinner', or the person who earns the largest salary. For a family with young children, the spouse providing the bulk of the childcare - often but not always the woman - performs a function that, in the event of their death, costs the family a great deal to replace with outside help.

A family that loses its stay-at-home mother may, for example, have to hire a full-time live-in nanny to provide the same sort of care, and will have to provide relief cover as well for evenings, weekends and holidays.