Who needs life insurance?
You have come to a point in your life where you have a family and home and are considering getting Life Insurance. You may be wondering what it is, and if you really need it.
Life Insurance is a contract designed to give your family or loved ones financial security in the event of the death of the policyholder (you.) If you are the main, or sole, provider for the family, care for relatives, or have anyone who is dependant on you, life insurance should be a consideration. Do you have a high-risk job or a dangerous hobby? If so, life insurance is a good idea. Below are some more reasons to get Life Insurance.
Source of Income: Life Insurance funds help the beneficiary by supplementing the lost income of the deceased. This way, the beneficiary will not experience a drop in his or her standard of living.
Final Expenses: Medical bills, Funeral, and Burial costs are often expensive, and Life Insurance can help the beneficiary settle those end-of-life finances.
Continuing Payments: Life Insurance can help any financial obligation, Mortgage payments, or Education costs like tuition. The beneficiary doesn’t have to worry about losing the house or dropping out of school.
Equity: some policies let you have access to funds you have built up over time by paying premiums. Many people use this money as an emergency fund. You are able to pay the amount taken back, or it can be permanently withdrawn. If you have a business, Life Insurance can supplement the financial responsibilities that continue after you are gone.
The saying, “sooner than later,” rings true in the world of Life Insurance. You should buy a policy as soon as you can. The younger you are when the policy is purchased, the less expensive it will be. You can purchase Life Insurance at any time in your life, but you must be in good health if a person gets some critical health problem then no insurance company offers insurance. But there are some policies that have a cut off age around 59 to 75. The policy usually lasts your lifetime, or until you are 99-years-old.
Everyone has different situations and reasons for getting life insurance, so you will need to find a policy to fit your needs. Peace of mind is a wonderful gift to give, and even a simple life insurance policy can make someone’s day. Don’t hesitate to contact the Harpreet Puri insurance broker to discuss different policies, and get the answers to any questions you may have.