Life is full of uncertainties and we have no idea what it has in place for us˳ From married couples with kids to childless couples to singles, no one is immune from the unwanted events of life˳ For this reason, life insurance is crucial for any sound financial plan˳ Life insurance guarantees you and your loved one’s financial stability and therefore should not be overlooked by any chance˳ There are different types of life insurance policies in the market today˳ With the many available options, it is certainly confusing to pick the best insurance however˳ My advice for you would be, choose a cheap life insurance plan that best suits your future goals˳
Below are 5 important reasons why you need life insurance irrespective of your age˳
1˳ To help service your debts˳
Life insurance can be used to pay off your credit card debts, mortgages, tuition fee among other debts˳ Let’s face it, we have no control over the uncertainties of life or the unforeseen occurrences˳ Take for instance that you’ve secured yourself a study loan or a business loan to help you grow your business and unfortunately you die before repaying the debt˳ This may create more burdens for you family and loved ones who are already mourning your death and worst still, struggling to raise your funeral expenses˳ To avoid this extra burden therefore, you should consider buying an insurance plan early in life˳
2˳ You get to leave some inheritance for your kids and spouse˳
Buying a life insurance plan from a reputable and reliable insurance company ensures that your kids get to benefit from inheriting your lifetime savings˳ It will help you leave a legacy for making extra wealth for your loved ones˳ This inheritance can help to pay off your kids’ higher education tuition fee or paying off other emergency demands that may crop up as your family gets its financial footing˳
3˳ You benefit from “accelerated benefits”˳
Most couples have got each for support in case of financial crisis˳ For a single person however, it’s more likely that you have no other source of funding except from your own personal resources˳ This can greatly inconvenience you in case of a sudden major illness˳ Thanks to most insurance policies sold today, they have provisions that speed up a huge percentage of the death benefit in case you are diagnosed of a terminal condition˳ These acquired benefits can be used to pay for the expensive medications˳
4˳ Provides financial security for your loved ones˳
As a loving, caring and responsible parent, you need to make sure that your kids are well taken care of when left behind˳ Additional coverage is therefore paramount while you have kids at home˳ Definitely no amount of cash could replace someone, but it would bring you peace of mind knowing that you have left you kids with some cash to boost them˳ It is the last thing which you should help your kids with while you still can˳
5˳ Charitable giving
In case you are single and have no debt or family obligations, your permanent life insurance can be used to fund charitable organizations˳ Look at it as your final good deed before your send off˳ You could touch a soul or change someone’s life for good with a cheap insurance plan from a certified insurance company and they will live to remember you even after you are gone˳
Source by https://ezinearticles˳com/?Why-You-Need-Life-Insurance-Money&id=9922844
