The least understood financial product is life insurance which meets one’s life necessity. In an unfortunate event like accident, illness or death, insurance is the one which covers for the losses. It can also encourage safety measures and prevention, lend money, provide investment capital and help in lowering down anxiety for society to a large extent. And that is why you will find many countries have insurance as a safeguarding asset in one or the other form. This coverage may include personal insurance to safeguard property like homes, cars, and computers. It might be a health care plan or even disability insurance extending social security.
You might have your saving through your other investments and pension. Still, you need to know what your insurance plan covers. Just glancing through the employer-provided disability and health insurance is not enough. If you are doing so, then you are neglecting the very crucial aspect of your financial foundation. For many it is just another added expense. Which is not at all true. That is when you need to ask just one question to self that is, will your family face economic hardship if you were soon to die? If your answer is yes, then life insurance is just the thing for you to have.
Life is just unpredictable. There might be events which can lead to huge financial losses. For example, you might meet with a costly accident while you are driving. When you have an insurance, there is less anxiety about the potential losses and you will be in a better position to deal with the financial brunt and its consequences.
Married and having children
There is a clear need for life insurance if you are married and have young kids who rely on your income. Just imagine, if you die in any mishap this will directly cause economic hardship to your family. This will not only put your family in a situation where it is difficult for them to make ends meet, but also affect the careers of your children. If just one parent is earning and another stays at home and he is the only one who contributes to your family expenses, then his or her death is definitely going to disturb your life immensely. And in such case, if you have a kid who needs special care there will be additional expenses like child care, housekeeping and other services which are vital for running a household will be added to your monthly. Make your family feel secure by getting insured.
Singles or married without children
It is believed that you do not need insurance if you do not have a spouse or children. Which is again a misunderstanding among people, only because you are not married and have no kids. This does not have to necessarily mean that you do not need life insurance. If not a spouse, but there surely is some significant other who is still dependent on your salary to get the bills paid and run the household. It’s best to then have a secure financial plan. Even if you are not married and living the life of single there has to be someone who pays the costs related to your final expenses. These expenses may include jointly held debt or funeral costs, which are just a few costs that you got to contemplate in case you lead to unexpected death. If you have sufficient funds to cover these expenses, it is only then that you cannot think of securing your life with the help of life insurance to pay for it all.
The most traumatic and emotional experience is to lose a loved one in your family. And if you do not have ongoing and immediate expenses, things can become even worse. Not only will your family suffer from the grievances of your loss, but will also be stressed with the financial burden associated with it. To deal with both emotional and financial losses, your family even might have to shift to a smaller house or community, and also forego a career and further education plans. All these complications will lead to cutting down on their value of living.
If you’re wondering why life insurance is important, stop to contemplate the possibly catastrophic results of not owing coverage to financially secure the people that you love.
If you still have any queries and wish to read more about why life insurance is vital for your life and even after you are not living, all you need to do is, visit the Coverfox page and get detailed information about everything you should know about life insurance and various insurance plans suiting your pockets. Apply now!
If I die why do I need money? You probably don’t…but your family, your business or even your favorite charity might.