Having insurance can be a little confusing since it actually has a lot of different types of it. There’s the property insurance, educational insurance, business insurance, life insurance, etc. With all these things, people may experience having difficulty of deciding what they want or need. Well I say, you need insurance to everything you have. As people get older, more and more responsibilities can come across.
Ideally, when a person graduated from college, they will pursue with their dream job or just grabbing any opportunity for them to gain an income. After which, you need to look out for your health so it’s time to get yourself a life insurance. Having insurance will not be hard for you since you are now earning your own money. Then in between of you minding your own business and having a job, you will eventually find the person you want to marry, have kids, build a house, and buy your own car. You can even have a pet dog or cat if you wanted to. The important thing here is that you need to get insurance in every little thing that you manage to own because you work hard for that.
So what really is Insurance? Insurance actually is an arrangement by a private company or government agency that provides you a guarantee of having compensation after a particular incident; it may be a loss, damage, illness, or even death, in return for a payment of a premium which you have given to the company or agency when you started a contract with them. Basically, insurance gives you the security that despite unfortunate incident, you can get something based from your contribution to them, which will be beneficial to you and your family.
Still not convinced? Here are 5 reasons why you need to have a life insurance:
1. To protect your family and loved ones
If your family members or any loved ones depend on you for financial support, having a life insurance really is a must, because it allows them to receive an amount depending on your contribution and replacing your income once you die. Having insurance is important especially for parents of young children or adults who would find it difficult to
sustain their cost of living if they will eventually no longer have access to their partner who provides for the family.
2. To leave inheritance
Even if you don’t have several properties or assets to pass on to your heir, you can make an inheritance by buying life insurance policies naming them as your beneficiaries. This is a great way to give your children a solid financial future and provide monetary need that arises as you give your contribution.
3. Pay off debts and other expenses
Ideally, when you cannot provide cash on the counter pay for your car or house, it would be easier for you to pay for it monthly or quarterly. It would be important for your family to have the insurance to cover any outstanding debts, like your car loan, credit cards and most importantly, your mortgage. Other expenses include burial or funeral payments that can easily run up to thousands of dollars. You don’t want to leave it all behind to your grieving family, children, spouse, and friends with the entire extra financial burden.
4. More financial security
Like any other parents, you would really want to assure your children that they can be taken care of, physically or financially, once you are gone. It is important to ensure your children that they can go to a good quality college education, or even to provide financial support when they get married or tried to start a business even if you’re not
walking in this world anymore. Because of this, additional coverage is essential while your kids are still at home.
5. Bring peace of mind
We live in this world unaware when we’ll pass away. It may not be today, but it can be tomorrow, next week, next year, or even 20 years from now; there’s one thing we are really sure about, it will eventually happen. It may be true that no amount can replace a life of a person, but let’s be practical. Having insurance gives you a peace of mind that no matter what happens; you can actually leave your loved ones something that can
help them move on with their lives.
Those are the 5 reasons why you need to get insurance. So what are you waiting for? Buy your Life Insurance now, before it’s too late.