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.