LIFE INSURANCE

Is life insurance a necessity in this 21 century?

Life is full of uncertainty let’s face, we never know what tomorrow will grace us with.. That’s why this year 2014 I have been thinking a lot about life this New Year. Having grown an inch longer I am realizing how short, beautiful, drastically hurtful life is at times. If we are to go by the saying, live life to the fullest and enjoy every moment, then we most definitely need a life insurance. It is better to be safe than sorry, right? 

Just like the advancements in technology and peoples lifestyles, life insurance has advanced and it is no longer a luxury but a necessity in the modern day. Life insurance is a necessity judging from the many illnesses that are arising in this 21century that are too expensive to cure or live with.

Life insurance has in the past been associated with the rich and the old people. May be because the rich can afford to pay the premiums and the not so young are prone to illnesses. The plan truth is everyone should have a life insurance cover. Buying insurance early on in life has its advantages because it is less expensive. The premiums in life insurance are calculated based on ones age and the older you are the more the premiums are. So, for whatever type of insurance you are looking for, it will cost you more if you are older. I hope this pushes young people to start investing in life insurance, including me.

There is a variety of life insurance policies to choose from, depending with your needs, preferences which includes;

Variable life insurance, Term insurance, Whole life insurance is a long term insurance policy that provides death benefits for a life term

The best part about life insurance is the saving factor and the fact that your dependant will not suffer in case of your accidental death or disability. We have seen families go down the drain financially when the bread winner dies or their source of income drains out. Well, there is a solution to that could life insurance.

So if you are looking for ways of investing your hard earned money, this is a great option.

And did you know you can get a loan using a life insurance cover, well now you do. Life insurance it is possible for one to take a loan against the insured sum. This is one of the best benefits of life insurance in an era where getting a bank loan sometimes proves difficult. Now there is a solution for that called ‘life insurance’.

The government has also come in to support and encourage citizens to take up life insurance by giving tax benefits to the policy holders which is a big plus in an economy where every penny counts.

Before purchasing a cover always ensure that you read and understand all the terms and conditions stipulate in the policy document.

So, this year on top of my agenda is getting a life cover, then live life to the fullest.

sometimes we don't do it for ourselves, we do it for them!