Life insurance allows you to pay a small monthly fee for the guarantee that when you die, your beneficiaries will be paid out with a large sum of money. Many people take out life insurance to get peace of mind that their family will be provided for, especially for things like education, and that any remaining debt they have will be covered by the insurance pay-out. But what about the unexpected costs that come with wrapping up an estate? Conventional life cover may not be sufficient for that.
When it comes to leaving an inheritance from your estate, one of the most overlooked aspects of concluding your affairs is the costs involved. The costs for a late estate include estate duties, executor’s fees, property transfer costs, capital gains tax, sundry cash flow and funeral expenses.
All assets and investments are combined to establish the value of your estate and the applicable fees. Conventional life cover products are counted as part of the value of your estate, meaning they could be contributing to an increase in your estate duties rather than helping to offset them.
SmartWill has developed a product, SmartCover, that allows its clients to specifically cover the costs of wrapping up their estate. The pay-out value and monthly rate of this smart insurance product is worked out using its SmartCalculator tool when clients are completing their profile.
As an underwritten insurance product, SmartCover is very affordable and, because it’s based directly on an individual client’s estate, you only pay for the cover you actually need. As with everything in the SmartWill system, the process is simple, personalised and affordable.
Paying for just what you need and getting exactly what you paid for in order to take care of your loved ones after you die; now that’s smart.