Thinking About Life Insurance?
They say when the conversation turns to the weather or life insurance, it is time to go. Nobody wants to think about death or taxes either. So how do we push past the yawn and start to think about life insurance a little differently; and why do we need life insurance in the first place?
Life insurance is essentially a fallback. A financial cushion in lieu of a tragic event that could occur unexpectedly in your life; such as the death or disability of yourself or one of your family members. This life insurance stands as a protection against financial loss; minimising the financial impact on a family in case of the provider’s inability to continue this role.
The fact is, unfortunately, that for your loved ones and others who need you, money will matter at a time when their focus should be on you. Saying farewell or adjusting to life changes that come with serious disability is all that should matter when the time comes. It does not, however, need to be a time of financial suffering on top of the upheaval or grief. A different approach is all is takes.
Life insurance is usually made available under specific conditions and requires a monthly payment plan from the time you take out a policy to the time the policy is paid out to its beneficiaries. The amount of cover provided could depend on factors such as: age, health, financial needs, personal choice, number of dependents, lifestyle, hobbies or even travel destinations.
Planning for your death may seem morbid, but once there is a plan in place, it is time to live.