Some persons in the entire society may not see the need of buying life insurance. You would be surprised to know that majority of breadwinners have not bought life insurance. Families whose breadwinners have no life insurance would find it hard to get by in case they passed on. Life insurance should not be solely left to the men considering the types of terminal illnesses that affect both sexes. Most people comfort themselves that they don’t need life insurance cover since they have other types of insurance.
Buying life insurance will shield your loved ones from having to go out of their way to pay debts and clear mortgage payments as they grieve for your loss. No one would take care of your family the way life insurance cover would in the event of death. You can buy life insurance coverage if you are married, have dependents or have a mortgage. Various forms of life insurance coverage are in existence in the current market. Term insurance cover refers to a scenario where your life is assured for a specified period be it 10, 20 or 30 years. Your family will be paid by the life insurance company if you happen to die within the stated time.
Group life cover is usually taken by employers so that if an employee dies while working for their company, the beneficiaries are paid. Critical illness insurance will not cover you in case you die from any other disease apart from the one indicated in the insurance cover. You have to be above 50 years to buy over 50 plans life insurance cover. Whole life plan will cover your life for up to 100 years. Most people hesitate to take life insurance cover claiming it is expensive.
It is however important to note that the amount you pay a premium each month would go a long way in ensuring that your loved ones live a comfortable life in case of sudden death. Some people may prefer to accumulate savings rather than part of monthly or yearly premiums. Life savings would barely be enough to take care of all household costs in the event that you die, but life insurance coverage would take care of funeral costs as well as paying all your debts such as mortgage and kids education costs. You can research online as well as listen to company agents when buying life insurance premiums. One need to ensure that you do not surrender your life insurance premium no matter the financial situation you might find yourself in. The life insurance Company you choose should be reliable in that it will carry out its expected tasks effectively once you are no more.