The importance of life insurance can’t be ignored. If you are setting out in a new chapter of your life, a new home or a new family, life insurance should be part of that journey. Having life insurance will give you confidence that your family will be ok if there is a sudden mishap or more.

What is life insurance?

Life insurance is security for a family if a member passes away. It is financial coverage to be paid to a beneficiary after the death of the policyholder. Since there are several different types of insurance policies, and it is a good idea to speak to an insurance broker who has the experience to guide you to one that is right for you.

Three factors to consider when searching for life insurance:

• income
• Dependants
• Financial Responsibilities

Those three factors will be taken into account when the insurance broker searches for the appropriate life insurance policy. Everyone has different lifestyles, health, and financial situations, so one policy won’t fit every client.

Here are four important reasons you should buy life insurance.

• Supplement Lost Income: Life insurance gives financial security for family members, especially if the policyholder was the only provider of income. Life insurance helps the beneficiary by supplementing the lost income of the deceased.
• Coverage for End-of-Life expenses: Having a life insurance policy can help the beneficiary with costs related to, as well as, medical costs, funeral bills, and other “end-of-life” bills. Burial costs can be reduced as life insurance can allow money to be available for such financial things.
• Future Ongoing Costs: Life insurance can help cover education and mortgage payments, as well as supplement student loans. Having a life insurance policy gives security to any continuing financial obligations. If you have debts that will need payment or creditors, they can be paid from the policy and the beneficiary gets the remainder of the funds.
• Business Equity: You will be able to withdraw funds that have built up over time, depending on the policy. This is called equity. Life insurance can also be used for emergencies. If you have a business with financial obligations, they can be covered if something happens to you.

Even if you think you can’t afford a life insurance policy, an insurance broker can find one to suit your situation and budget.  Whether it’s for you, or a member of your family, it is better to have peace of mind, knowing everyone is taken care of if something happens. When you are young and healthy, it’s harder to imagine what can happen, but this is the perfect time to set up a policy. Speak to your insurance broker at Harpreet Puri today, to find the right life insurance for you.