But, if you wait too long and something happens, it will be challenging to secure ongoing cover. The sensible financial decision is to get some basic cover early and increase it as you get older and your responsibilities change.

Here are 10 reasons why sound financial planning includes life insurance.

1 | Pay debt

If you’re just starting your career, you could only have a student loan to pay off. If you’re in your thirties and forties, you could have vehicle finance, monthly bills and other financial responsibilities. So it’s a good idea to start with life cover now.

When you die, life insurance will give your spouse or other beneficiaries the financial means to pay off your debts (cars, credit cards, medical bills etc) and even cover your funeral.

2 | Cover monthly expenses

If your spouse, children or even parents depend on your financial support, then life insurance is important. It provides financial stability to your loved ones after you’re gone by covering their monthly expenses, anything from groceries to school fees and cell phone accounts.

3 | Secure your family home

Buying a property is a significant step in creating wealth and securing your family’s future. It’s important to protect this valuable asset, especially if you die before the loan is paid in full.

On your death, mortgage cover will settle your outstanding home loan, ensuring your dependants, be they your spouse, children or your parents, won’t have to worry about meeting costly monthly home loan repayments or selling the property because they can no longer afford it.

4 | Protect your children’s future

If you are no longer around, how will your family pay for your children’s education? If you have adequate life insurance, it can be used to pay for their education and other daily expenses, such as uniforms and sporting activities.

5 | Receive an income when you can’t work

The ability to earn and income as a young professional is an asset you need to protect. If you are unable to continue working due to illness and/or injury, temporarily or permanently, income protection cover ensures that you can still meet your monthly financial commitments. You will receive regular payments to help replace up to 100% of your net income.

6 | Cover expenses when you’re ill or disabled

Life insurance is no longer just a big payment your family receives after your death. Life insurance also includes cover for critical and terminal illness, as well as disability.

If you can’t care for yourself, perform simple daily activities, or work in your chosen occupation, disability cover will pay you a lump sum.

Severe illness cover protects you financially against a comprehensive range of conditions. It helps you cover costs that may not fall under your medical aid cover, such as rehabilitation or advanced high-cost treatments.

7 | Take care of business

Life insurance is not only for family reasons. If you own a business, it’s vital to have life insurance in place. For example, should you or your business partner die, it will help to keep the business going and pay salaries until things settle down. It also protects loved ones from having to sell off assets in a hurry out of financial desperation.

8 | Evolve with your life

We all lead unique lives, with different circumstances, ambitions and challenges. Your life insurance should not be one-size-fits-all. It should be able to adapt with you, whether you are a young, single professional just starting out, an established professional with a family or enjoying your retirement. Review it regularly to make sure you have all the cover you need.

9 | Leave a legacy

If you don’t have big assets to leave to your family, you can create an inheritance by buying life insurance. You can name your spouse, parents, children, friends or even a charity as beneficiaries. When you die, your life cover pays each beneficiary the percentage of the total life cover you have allocated to them.

10 | Get peace of mind

Life is unpredictable. By hoping for the best, but preparing for the unexpected, you have the peace of mind that your family’s future will be financially secure during trying times.

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