Thanks to James Thompson for the image
We don’t always like to talk about life insurance. It’s a depressing topic and it leads to all manner of morbid questions. However, life insurance is an important and vital part of your future planning. If you already have a pension plan and a sensible savings routine, then you may be interested in this provider as a source of life insurance as well. Most people get life insurance when they are middle-aged or elderly, however you can also get it while you are healthy and young. If you apply young, it can often be a very cheap payment that will safeguard your family should the worst come to pass.
Unfortunately, we never know what is around the corner. Illness and death can strike us at any time, at any age. We can’t always be prepared for this. We can help look after our loved ones if the worst happens. Having a life insurance policy means that your family can remove the financial burden. The grieving period is difficult enough without the added strain of money problems.
What is life insurance?
Life insurance is a bond that matures when you pass away. You pay a monthly payment over a period of your life. When the worst happens, the money is released in order to cover the financial burden left. It means that your family, wife or children can maintain a sense of financial order. It can help cover funeral costs or simply help the family with financial woes after you pass. The types generally vary between a ‘term life insurance’ and a ‘whole-life policy’. As you’d expect, the whole life policy covers the entirety of your life. The term period covers a 5,10 or 15 year period agreed with your insurer.
What does it cover?
The amount paid depends on how much you put into the policy during your life. The premium varies depending on your lifestyle too. For example, the premium for a smoker is higher than a non-smoker. Those who indulge in extreme sports and activities face a higher premium to cover that too. If you have recently developed a serious illness, a new life insurance policy won’t always cover it. That is, unless you are willing to pay a very high premium. It is important to note that a life insurance policy doesn’t cover long term illness and disability. You would need to invest in a separate insurance policy for that coverage.
Do I need it?
If you’re unsure whether a life insurance policy is necessary, speak to Term Life Go Agency or other specialists. Generally, if you have dependants who depend on your wage, it is advised to take out life insurance. That can include a partner, children or an elderly relative under your care. The loss of income will hit those families hard. Even funeral arrangements are pricey. It’s best to leave some financial support and life insurance is a good way to do this. It’s also worth checking with your job before you do. Many companies now offer a ‘death in service’ payout. This is essentially a life insurance policy covered by your work.
Life Insurance payments can be as low as you choose. Even a dollar a day will add up to a significant amount over your lifetime. It’s a payment that’s worth doing.