What IS life insurance, this thing that everyone talks about? Life will not always be all sunshine and rainbow. It is more like the weather; it is predicted it to be all sunny and you plan for a picnic. Out of nowhere the storm comes and sweeps you off your feet. You are lucky if you survive the storm, but you do not have nine lives to gamble and expect to be lucky in the future too.
In a different situation, you may have barely made it out safely with permanent disabilities or worse death. If you are the sole breadwinner for your family, not only you give them sorrow about your death but also leaving your family behind in despair. Here where the life insurance plays its role. It helps to protect your loved ones
What Is Life Insurance? Well It Is To Be Prepared for The Uncertainties
Life insurance may not seem important when you are thinking that you are still healthy and capable of providing for your family for years to come. However, it is a life we are talking about. There are many uncertainties in the future. Even, the next few hours or minutes, you never know what will come in your way. It is better to be prepared for the future than crying over spilled milk later on.
The loss of a breadwinner of a single-income household not only the household had lost a member of the family but altogether lost the sole source of income that had been providing the household. Here is why life insurance is essential for the breadwinner of the single-income household as it aids in compensating the unavoidable monetary consequences that followed suit after the death.
Importantly, it aids your loved ones that are left behind to continue to manage and pay their financial responsibilities such as mortgages, car payment, educational expenses, medical expenses and funeral expenses after your death. It aids in lifting up some of the financial burdens that the surviving family members are facing after the unforeseen death and the loss of the source of income.
Life insurance does not solely put a monetary value on the insured’s life, yet life insurance somehow can give tranquility of mind for the surviving family members throughout the tough weeks, months, and years after the loss of a loved one.
What Is Life Insurance: Four Key Players and Their Roles in Life Insurance Policy
Life insurance is a contract called a policy. There are four key players and their roles in a life insurance policy. These roles refer to the insurer, the owner, the insured and the beneficiary.
Insurer
The insurer is the insurance company, accountable for paying out claims in the case of a death or total and permanent disability.
Owner
The owner of the policy who is accountable for premium payments to the insurance company.
Insured
The insured is the person upon whose life the policy is based or protecting – by protecting the insured is protecting the insured’s loved ones when the insured is no longer around.
Beneficiary
The beneficiary is the person who will be receiving the life insurance claim in the event of the insured untimely death or total and permanent disability.
What Is Life Insurance: Who is Eligible to Buy The Life Insurance Policy?
For Etiqa i-DoubleSecure, Term Takaful Plan, at least 17 years of age and younger than 55 years old are eligible to participate. There is no medical examination required. This plan provides double the benefits if death or Total Permanent Disability is caused by an accident. Also, this plan offers flexible coverage with 3 types of Sum Covered to choose from, precisely, RM50,000, RM100,000 and RM200,000. Besides, this plan covers up to 20 years.
For Etiqa i-Secure, Term Takaful Plan, the aged of 21 to 45 years is eligible to participate. There is no medical examination required. This plan gives a lump sum payment to the beneficiary in the event of death during the period of cover. Moreover, this plan offers Sum Covered from RM100,000 to as high as RM500,000. Besides, this plan provides extensive period of coverage up to 75 years old.
There are many life insurance plans out there with various premiums and benefits to suit your situation. It is advised that you contact a real insurance agent who can help you go through the process of applying for life insurance plan. A trained and committed insurance broker or agent may aid you in saving money by determining the suitable plan for your situation.
The instant you determine and decide that you need life insurance, do not hesitate on buying it. Yes, no one likes to discuss about death. Carpe Diem (living the moment and not thinking too much about the future) does not apply here or in the situation that you have people depend on you for financial support. You do not want to regret as for not being prepared for the unexpected events.
What Is Life Insurance: Periodically Review Your Coverage
Making sure that you update or review your coverage periodically, particularly when you have an important life event such as the birth of a child or the death of a family member. This to ensure that your situation is well suited and covered by your insurance plan. The most frequent mistake that people make is to be underinsured. To illustrate, the more family members you have to support, the more life insurance you will need. However, you may likely to be over-insured too, and that is also a mistake. The extra premiums payment that you have made could be used for other significant things. Contact your insurance agent or broker, if you need help on reviewing your coverage.
What is Life Insurance: Conclusion
Living the moment without worries may be impossible if you are not preparing yourself for the unexpected event, moreover, if you have family members or individuals that rely on you for financial support. Life is full of surprises. It is possible to live the moment without worries when you already make sure that you are covered by an insurance plan. Protect yourself to protect your loved ones. Favourably, Etiqa is offering the best life insurance. It is not only affordable but it has exceptional benefits too. Visit PolicyStreet.com to find out more about this valuable product and get a commission-free insurance quote.
