Explanatory video: secure the future of your loved ones with easyLIFE Foresight

Having a family comes with a lot of responsibility, especially concerning the financial security of your loved ones in the event of unexpected death or disability. A life insurance policy is a secure way to protect your family's standard of living.

It allows you to define a capital that will be paid out to your beneficiaries if something happens to you. But how do you determine the amount of this death benefit, also known as the sum insured?

The sum insured depends heavily on your personal situation and thus factors such as : the number and age of children, ongoing expenses, existing loans, additional family income, or available savings.

In comparison to a couple without children,  young families generally need higher coverage. Typically, three times the annual income is a good starting point for life insurance coverage.
With a life insurance policy, significant sums can be covered without incurring high monthly premiums. However, it's important to be aware that a higher sum insured also leads to higher monthly premiums.

When taking out a mortgage,  banks often require proof of a mortgage insurance. The purpose of such insurance is to pay out the remaining amount of the capital you specified 
in the event of your death. The insured capital generally corresponds to the loan amount and decreases over the term of the contract.

As a business owner,  you can also protect your business partners from financial risks in the event of your death.  In this case, the insurance coverage should take into account the complete debts, expenses for restructuring the business, or the search for a new business partner.

Don't forget that insurances covering an individual are tax-deductible. Therefore, you can combine protecting your loved ones with tax benefits.

If you need advice on choosing a life insurance, feel free to contact your LALUX agent.