Why Get A Life Insurance
Published on September 22nd, 2014 | by Joan Makai
You may have thought of your future carefully and planned every little detail of your life, you work hard for it and made sure your goals are all within your reach. Genius! But did you ever thought of getting a life insurance policy? No? Then it’s time you sit down and reevaluate your plans. You may not see it yet but getting a life insurance could be a wise investment too.
The Importance of a Well-Planned Life Insurance
In a nutshell, a life insurance protects not yourself but your family. It’s a contract that ensures your family gets a sum of money after you (the insured) die. You may think that it is irrelevant especially if you are still single but life insurance can help lessen the financial burden from your family when the unfortunate happen. Even if you have no family of your own, paying for your personal debts like credit cards and loans, medical bills and funeral expenses are not easy to deal with. Aside from the pain of losing you, your parents or siblings will face this burden in the event of your death with nothing to help them with if you have no life insurance as backup.
If you have a family of your own especially with young kids in tow, having a well-planned life insurance is definitely important. It could help ease the financial burden during your death since your income will be replaced by a non-taxable death benefit which your spouse could use to continue running your household even without you. Your mortgage, car loans and other debts will be taken cared of if you have insurance but without it and without solid cash in your bank account, your family will end up living in despair with no one to provide for them. Taking care of the children singlehandedly will not be easy for your partner but doing this with strings of financial issues to worry about is more heartbreaking.
Also, getting a life insurance could be a life saver for your children. Even if you have no important inheritance to pass to them, your kids can benefit with a good life insurance policy if you make them your beneficiaries. As beneficiaries to your policy they are entitled to a large sum that they can use to support their studies and create a better future for themselves even when you’re not there to provide for them.
There’s no denying the importance of a life insurance. Regardless of your status and lifestyle, a carefully chosen life insurance can save you and your family from a hefty debt in the future. Even when you’re young and whether or not you have plans of settling down in the future getting yourself a life insurance is a wise decision. Depending on the policy you want, life insurance cost is inexpensive. it’s just like buying a bottle of a premium wine, the cost of your latest gadget or designer clothes may even be more expensive that your premium.