10 Reasons Why You need Life Insurance
Insurances are designed to protect you from the unknowns and the financial implications following them. There are many types of insurance, and one of the most important ones is life insurance.
Life insurance basically provides financial support for your dependants after your death – Nobody wants to die, but when it happens, your dependants are well taken care of.
Now, how much insurance a person need? The answer is: it depends on various issues, such as lifestyle, spending habits, source of income, the number of dependant, etc. As a rule of thumb, an insurance agent would recommend you to take insurance for the amount of five to ten times your annual income.
Here are some reasons why you need consider taking life insurance:
1. Well-planned life insurance will cover dependants when you leave and serve as a reserve for rainy days.
2. Life insurance secures your estate on death through the provision of tax free cash that can be used to pay estate and death expenses.
3. Some life insurance plans offer savings or pension plans to provide you during your retirement.
4. Some policies have “joint” or “rider” coverage, such as critical illness or term insurance plan for your spouse or children.
5. A valid insurance policy is considered as a financial asset – this can improve your credit rating, which is beneficial when you are considering taking health insurance, home loan, or business loan.
6. If you are experiencing personal bankruptcy, the cash value and death benefits of your life insurance policy is exempt from your creditors.
7. Your insurance can be arranged in such a way that it will include your funeral expenses.
8. Term life insurance is better in some cases – it can protect you and you can get your money back when you are in times of need.
9. Insurance protects your business from any liabilities in case of a business partner’s death.
10. Life insurance helps your dependants to maintain the standard of living.
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