Some people may be inclined to think that life insurance is not at all important for themselves or their family members. People may think this just because they simply do not know the general importance of life insurance and the great impact that it has on a person and their family members. With that being said, one should always do their research to gain more information on things they don’t know much about.
There are many importance of having life insurance, you may not be able to feel the impact of getting life insurance immediately but when you do need it, life insurance will be there to protect you and your family financially. This can take away most financial burdens that you may have left behind upon your passing. Understand all these importance of getting life insurance to get a better understand of how it works and how it can help you and your family.
You Never Know What Might Happen
In reality, you will never know what might happen to anyone and even yourself. One of the most unexpecting things are deaths, it may happen without any warnings, whether death by accidents, death by an unexpected serious and deadly illness or even natural causes, it can happen any time. Life insurance allows you to take the very necessary precautions to protect your family, dependents, even your business and legacy.
Funerals Are Very Costly
In general funerals are very expensive, not included the extravagant funeral services. It may cost $7000 to $10000, these are the average costs for funeral and these will be something that is faced by your loved ones when you are gone. To reduce this additional stress and financial hardship, life insurance can cover these expenses easily. So consider getting life insurance for yourself and your family.
Protect Your Loved Ones
In life, you work really hard so that the people you love, your spouse, partner, children, family members are able to live happily. Just like that is important, life insurance is also important in providing financial support to the costs of living in the future and surviving dependents, because once you are gone, your loved ones will have to go on without you. So, make it easier for them instead of being full of debts.
Debts Should Not Rise After Death
Debts are a tremendous burden to anyone and to any family. Your death will be even harder to bear by your family and loved ones. With life insurance, you can help your dependents cover any financial responsibilities that are left after you are gone. Instead of letting them handle all of it by themselves while mourning for your death. So make the right decision and get yourself insured with life insurance.
Anything May Happen
When you develop a serious illness, you may not be eligible to get life insurance when you actually need it. Life insurance is able to provide you with financial support if you have terminal illness. In case of an emergency, life insurance can also be used to withdraw money or take loans. Many people may think that they do not need life insurance, but it is too late when they need it and they don’t have it.
Business is something that is risky, you could gain a lot or you could lose a lot. Life insurance does not only protect individuals but it also can protect businesses from financial loss, liabilities or even instability in the case of the death of a business partner or owner. Life insurance that is used for to protect business can be used to keep operations going until things settle after the death. This makes life insurance invaluable.
Supplement Your Retirement
Life insurance can be used in many ways. You can use life insurance to make sure your retirement savings last as long as you do. You can put a large amount of money into a life insurance product and in return you get a secured and guaranteed stream of passive income every month, this is called annuity. It will go on and on for as long as you are alive. Life insurance can worth so much more.
It Makes Financial Sense
Life insurance can be considered as a financial asset, it can help increase your credit and help you get loans or health insurance. Most policies have cash value, even with the case of bankruptcy, it cannot be touched by creditors. Life insurance safeguards more than people know usually, most people think it is just about getting a lump sum of money after someone dies, but it has so much more purpose and benefits.
Allows Big Charity Donations
Have you ever wanted to make a donation that is big, of course donations of any amount is always appreciated greatly, but a big donation is something that is needed to help more people. If you do not have dependents, you could always leave a lasting gift to charity or a favourite cause with a sum that is larger than something you would set aside for donation, many of us cannot afford to give big donations.
Peace Of Mind
Life insurance is able to provide protections for the uncertainties in life because life is a journey of unexpectencies. With that being said, if you are protected, you and your loved ones can live with peace of mind. Of course no amount of money can ever replace a person but it can help greatly with the hardships that will be faced when you have unexpectedly left them behind, instead of leaving them with nothing, leave them with something.
Life insurance is something that must be considered by everyone who cares about others, especially their loved ones. In the world we live in today, being in debt is a real burden puts us back on our future, think of all the years we have to waste in paying our debts fully. Your family may not be able to come without your help, so get yourself insured to help them when you are gone. So they can move forward with their lives and further their progress in life. Manulife’s ManuProtect offers life insurance at a price of only RM 5/month. Consider getting yourself insured.