What's covered?

If you avoid thinking about life insurance, you’re not alone. It can be an overwhelming and complex process, and really puts your life into perspective. But how will your family cope if you are seriously injured or deceased? Please, don’t wait until it’s too late.

What does Life Insurance cover?
Life insurance pays out a sum of money either on the death of the insured person or after a set and/or agreed period of time. The policyholder pays the premium and the insurer promises to pay a designated beneficiary a sum of money upon the occurrence of an insured event. Individual Life insurance policies normally comprise the following: –
- Protection policies – designed to provide a benefit in the happening of the insured event.
- Investment policies – policies where the main objective is to facilitate the growth of capital or the money paid in as premium.

How much life insurance do you need?
There are a number of factors to consider in determining how much life insurance could be appropriate for you including:
- Who depends on you for their wellbeing?
- How much do you earn yearly? One rule of thumb is to think in terms of insurance coverage representing 4 to 5 times your annual earnings, after taxes.
- What debts do you have? If they can be paid off with life insurance proceeds, it can take a burden off your family.
- How close you are to retirement? Generally, the closer you are to retirement the less life insurance you might need.
- In addition, some other factors to consider include, if your spouse is working or would you want to provide college funding for your children.

How do I start?
Set your loved ones up for success if you become unable to provide for them. With the help of Walton Insurance, you’ll get a policy that matches your budget and needs.


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