Many people do ignore buying of life insurance. Research has shown that there are considerable numbers of breadwinners who do not see the need to invest in life insurance. It is risky for breadwinners to not invest in life insurance as they would leave their families struggling in the event of death. Buying life insurance is beneficial to women as well as it covers medical expenses, in fact, they are hit with terminal diseases such as cancer. Most people comfort themselves that they don’t need life insurance cover since they have other types of insurance.
Buying life insurance will shield your loved ones from having to go out of their way to pay debts and clear mortgage payments as they grieve for your loss. Life insurance cover would also take care of all the funeral costs as well as educational costs for your kids. You can purchase life insurance coverage if you are married, have children or plan to take a mortgage. There are different types of life insurance cover. Term insurance cover refers to a scenario where your life is assured for a specified period be it 10, 20 or 30 years. Your family will be paid by the life insurance company if you happen to die within the stated time.
Group life cover is usually taken by employers so that if an employee dies while working for their company, the beneficiaries are paid. Critical illness insurance cover caters for patients who have a particular disease; your family will be paid so long as you die from the said disease. You have to be above 50 years to buy over 50 plans life insurance cover. With whole life plan insurance cover, your beneficiary will get paid so long as you die below the age of 100 years. Most people hesitate to take life insurance cover claiming it is expensive.
It is however important to note that the amount you pay a premium each month would go a long way in ensuring that your loved ones live a comfortable life in case of sudden death. Saving is an efficient way of handling finances, but it can never compare with buying life insurance cover. The amount of savings accumulated overtime would never compare to the lump sum that your loved ones would receive in case of sudden death. Searching online as well as enquiring from company agents is a reliable way of getting life insurance cover. You should ensure that you do not qualify as for your life insurance premium prematurely. A cheap life insurance coverage may not be necessarily the best as you would see that the insurance company may not pay in case of sudden death or may take a long time to pay your beneficiaries.