Benefits of life insurance:
There are many products that exist. It is very confusing to know what suits you. Life insurance provides a lump-sum payment, commonly known as a death benefit, upon the death of the insured. Life insurance is divided into term life and permanent insurance. Both provide protection for a period of time determined by applicable premium payment.
As you age, progress in your career or get involved in business, you realize that is an important part of securing your life. One thing you need to know is that life insurance is affordable. It?s like an investment for you and your loved ones. It can protect your family financially when you pass away.
Here are some reasons why life insurance is important for you;
? Pay expenses
Life insurance covers your expenses like rent, food, loans, mortgage, car insurance, entertainment, school fees and other of your daily life. Imagine if you die and leave your family with outstanding debts in the areas mentioned. Remember that when you die, your family will pay for your funeral. It would be sad if it happens suddenly and they lack the finances for your occasion. Financial and emotional burdens should not be left to your family, friends or relatives. Life insurance can help you assist them in taking care of all these burdens.
? Protection of your business
If you are the Director or CEO of a business, then you are indeed the key person making sure it stays afloat. If you die the impact will be severe for the company and its employees. Your business sales, profits, and partnerships will go down the drain. Life insurance will come to your/their rescue. Your beneficiaries will be paid a lump sum which they can use to inject capital into the business. Your beneficiaries can also use the lump sum payment to purchase another insurance product that will protect them from future unfortunate events.
? Protect your children
If you have not purchased life insurance for your children, they are at a great risk. If you were to die tomorrow, they would have no idea how to make ends meet. It is important for you to purchase life insurance so that the welfare of your children is taken care of. Upon your demise, their education and living expenses will be taken care of.
? Earn money on maturity
Have you ever wanted to take yourself or family on vacation? Or buy a dream house or car? Upon maturity of your life insurance, you will be paid plus interest. You can use the money to do what you have dreamed of.
With life insurance, you and your family will be at ease. You will enjoy life more.