finance
_ Future-proofing
Life insurance might not be fun to think about, but it’ s one of the most loving things you can do for your family. Here’ s how to future-proof your finances and protect your kids – no matter what life throws your way.
Raising children comes with a million and one decisions, from choosing the right pram to debating screen time. But one decision that often gets put off is sorting out life insurance. Understandably so. It’ s not exactly dinner table conversation. But as Melody Cloete, training specialist at Bidvest Life explains, life insurance is one of the most loving things a parent can put in place.
“ For parents, life insurance isn’ t just about a lump sum payout; it’ s about securing your family’ s future when the unexpected happens,” she says.“ It ensures your loved ones can maintain their lifestyle, settle debts, and afford long-term expenses after you pass away.”
Term vs whole of life cover – what’ s the difference?
Life insurance comes in many forms, and choosing the right one matters. For parents, understanding the difference between term and whole life cover is key.
“ Term life insurance is a more affordable way to cover temporary needs, like your bond or your children’ s education,” explains Cloete.“ But it ends when the set term expires, potentially leaving your loved ones without cover when they might need it most.”
Whole of life cover doesn’ t expire. It pays out whenever you pass away, which means long-term security for your family, and no panic if your health changes later in life.
“ While whole of life cover can cost more upfront, it helps you to protect your loved ones and leave a legacy,” says Cloete.“ It’ s a smart choice for parents looking for lasting financial security.”
96 www. babysandbeyond. co. za