SPONSORED | Life insurance helps you manage risks associated with debt — but before you choose a policy, you need to understand the types of debt you have. BrightRockZA
It’s a common scenario: you feel like you’ve finally got your finances in order and unexpectedly, you’re hit with a bill that throws a spanner in the works. Suddenly, you’re stuck with debt that feels like it will last forever.
One of the best ways to manage some of the risks associated with debt is through life insurance. If you become ill or injured, or should you die, your life insurance policy can ensure your major debts are paid. Understanding the interest rate and balance of each loan will also help you calculate how much coverage you need to purchase, and how it should change over time to keep you covered. Based on the total amount of debt you owe and your other expenses, determine how much you can afford to spend each month on life insurance premiums. This budget should be based on how much debt you owe and what type it is.
This gives you access to comprehensive protection without the hefty premiums or lengthy contracts you may not be able to afford in times of hardship.Once you have set up a comprehensive life insurance policy that covers all forms of debt , it’s important to also know when enough is enough. This means knowing when to stop buying additional coverage, even if there is an attractive offer from another company or insurer tempting you with lower premiums, but higher cover amounts.
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