Friday, December 28, 2012

Will Life Insurance Be Any Good and Beneficial to You?

It's not that you are foreseeing your death in the next five years or less, but getting a life insurance is just a matter of good practice. Life insurance ensures that your family and dependents will be taken care of after your last breath on earth. Why do you want to care?

Why You Need a Life Insurance

One common example I can provide is when you're the bread winner of the family. Your wife does not have any source of income, being a house-maker alone. Your kids are all still studying in school. Your parents are retired; they are too old to function and make money to support your family now. When your life ends, what happens to everyone in your tree? 

Well, there are two choices available: They may also follow you to the heaven. Or you can have them insured already with your life insurance plan.

We may gather information about everything in this material world by consulting books and experts. But we can never tell when we will die, unfortunately (or fortunately). So even when we are young now, we can't be sure. Maybe the reason won't be of sickness but of a very quick accident.

Who are Recommended to Sign Up for Life Insurance?

Yes, we all are recommended to have life insurance plans. The truth is we don't have and can't have eternal life, even if we have all the riches in the world. It's wise thus to invest money and channel some percent of our financial resources to paying life insurance premiums. We all will be needing a life insurance plan. Don't be arrogant into thinking otherwise.

But those who are living at the edge of disasters are more recommended to sign up for more insurance plans other than life insurance. If your area has a high tendency of being caught with natural disasters and calamities, have your home protected by a house insurance package.

In addition, purchase and invest in mortgage insurance. If your house is not yet fully paid (as it takes a number of years before the house and/or lot becomes truly and completely filed under your name), the insurance company will continue paying for the remaining credits of your mortgage payment. This is in case you die (God forbid!).

Risks > Payment for Life Insurance

In the end, don't count the money you will lose in paying for the life insurance. What to you is the cost of life, anyway?

Life insurance is your gift to your dependents. Have your life covered and take caution on the eventuality. You don't want to become more of a liability when that time comes.