Do I Need Life Insurance?by Deepa
Do I Need A Life Insurance Policy?
Almost all insurance agents will tell you that you need a life insurance policy. Before committing to a policy solely based on recommendations, ask yourself these important questions:
- Do you have anyone who is financially dependent on you?
- In the event of your death, do you have sufficient savings set aside for those financially dependent on you, such as your wife, children, parents?
- Do you have existing mortgages, debts or loans that need to be paid off?
- Should you pass away due to an illness, is there enough money in your savings to pay off your medical bills?
If you have people who are financially dependant on you and you don’t have enough savings to cover your debts and their needs for the future, we at Life and Insurance may recommend that you take out a life insurance policy. No one, especially if you are the sole breadwinner of your family, would want to leave their loved ones cash strapped upon their death.
How Does A Life Insurance Policy Benefit My Loved Ones After My Death?
As mentioned earlier, a lump-sum payment of your policy is guaranteed to your beneficiary upon your death provided:
- You have fully disclosed your personal circumstances;
- The premium payments for the policy are up-to-date;
- You have not triggered any of the exclusion clauses.
This money may be useful in helping your loved ones pay for the cost of your funeral expenses, clear debts such as loans or medical expenses and possibly even in sustaining your family in the years to come (depending on the life insurance cover amount).
We often hear about cases where families are left with barely any savings after the sole breadwinner passes away, ultimately leaving them in a state of despair not only emotional but also financial as well. With a life insurance policy, not only will you be able to provide for your family after your death, but you will also have a peace of mind knowing that your loved ones will have at least some if not all of their financial burdens taken care off in the event of your death. At Life and Insurance, we help you make an informed decision on which life insurance policy you need by gathering information on your personal circumstances and helping you compare life insurance quotes for free.
Having life insurance cover is an investment in the future of those you love during unforeseeable circumstances. To find out more about the life insurance cover that best suits your personal circumstances talk to one of our expert Life and Insurance team members today – Call 1300 259 365!