What other options are available other than lump sum payouts?
- You can have what is known as Family Income Benefit. This is monthly income to keep your family in the event of death of one of the partners.
- The advantage is it will run the term of the policy and generally is cheaper than traditional life cover.
What other options are available to me?
- When taking out a life policy people tend to go for the lowest premium.However, consideration should be given to optional extras such as waiver of premium in the event of long term illness that may result in death and also Terminal Illness , which means if you are diagnosed with terminal illness that will result in your death usually in 12 months or less you can claim your benefit. This will allow you to sort out all your financial affairs with your remaing family.
