Almost all people need life insurance. Either we do not have enough or we have no coverage yet. Why should we purchase life insurance or why you should get a life insurance policy then? Because life insurance policy provides cash to help those left behind. They do not have to give up their standard of living. How does it feel to provide for them long after you are gone?
Getting life insurance: Why is it important to know who needs life insurance policy?
Life insurance is not for everybody but most people need it. Different people need life insurance for different reasons. It is the easiest and most certain solution to a very uncertain financial future...
You are young and single. Most young people have trouble saving money, right? Life insurance will help you save money given the different types of policies. The younger you are the lower the insurance cost. And cost increases about 3% a year. Besides, would you let your parents shoulder your final expenses in case mishap hits you?
You are an Overseas Filipino Worker or OFW. Your family depends on you. It is okay to reduce 10-50% of your remittance to the Philippines. Your family will find a way to make both ends meet. But if something happens to you, 100% of the money you are sending is gone. Will you let your family suffer the consequences?
You are married. You share a certain amount in the household expenses. If you died suddenly, can your spouse's lone income afford the living standard of your family? How long can your savings last to sustain the life they are used to? That's one good thing about life insurance - why is it important to married people.
You are a single parent. You perform many roles to your children - breadwinner, babysitter, cook, driver and more. Planning for your children's future depends mostly on you. Your life insurance coverage softens the impact in case the unthinkable happens.
You are a housewife or stay at home husband. It is true you do not earn a salary. But I'm sure you do household chores - cooking, cleaning, taking care of children, washing of clothes and many more. Could your spouse afford to pay someone to do your everyday chores?
You are a business owner. Life insurance can also help protect your business in case you, your partner or a key employee dies. It can fund a buy-sell agreement so business partners can buy the business interests of a deceased partner at a previously agreed-upon price. Key person insurance provides business flexibility while hiring a replacement of the key employee who died.
These situations intend to help you understand who needs life insurance, why is it important to get a policy now. And if you live longer, you will receive the cash value of your policy which is additional fund for your old age or retirement...
1 comment:
A life insurance is certainly a type of coverage that you should have for your family. You may resent having to pay a monthly premium but at least you can be sure that your family's financial security won't be compromised in the event of your death.
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