Why buy life insurance?

You may think medical health insurance is enough for you and your family, while life insurance is an unnecessary expense. In particular,  if you don’t have kids?

Think twice before you say “I know”, because we don’t know we don’t know.  You may regret and suffer from your wrong decision in the rest of your life someday. We are listing some major reasons  even if you’re not supporting a family, so that you can take informed decisions:

1. Income Protection

You don’t want your loved one suffer from financial loss thus downgrade the standard of living if you die unexpectedly, do you? You don’t want yourself to downgrade your standard of living because you may have total permanent disability or critical illness which will loss your future income,  do you?

Actually, Life insurance can be used to protect the possible lost income so the survivor can maintain the same standard of living.

2. Home Mortgage Protection

You don’t want the person you live with, either your spouse or parents or significant other, to be homeless if you die unexpectedly, do you?  You don’t want yourself to be homeless because you may have total permanent disability or critical illness thus can’t afford your home mortgage,  do you?

In above cases, you may want to buy life insurance as mortgage protection. Term life insurance can be used to pay off an outstanding mortgage balance. Just select a term (how many years) that matches the length of your mortgage payment period. Some companies even offer decreasing term insurance, which means the death benefit decreases along with your mortgage balance, thus it will be further cheaper then normal term insurance plan.

3. Final expenses

You’ve seen the commercials ? funeral expenses, burial costs and medical bills can add up to a hefty amount. The last thing you want is for your loved ones to shoulder this extra burden.

Life insurance can be used to plan for these final expenses. Permanent life insurance is available in various amounts, so you can pick a death benefit that meets your needs.

Take Action – The earlier the better

So maybe you’re starting to see the need for life insurance …  Don’t put it off! Typically, the younger you are when you get insurance, the lower the cost and the easier to get approved.

If you feel difficult to find a trusty and professional financial consultant, or if you need an independent financial consultant for unbiased advice.  We can recommend a trusty financial consultant to discuss your insurance needs FREE of Charge, please fill the online form in  Contact Us now.