Should you Get a Life Insurance?

 

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Should you Get a Life Insurance? | @healthbiztips

Should you Get a Life Insurance?

@healthbiztips by Arlene Gentallan | Health blog

Since the future is not always predictable, people never truly know when they will die. That being the case, availing a life insurance policy early on assures that at the event of such a horrid prospect, their loved ones will receive compensation.

Take for instance the case of a family breadwinner who died because of a freaky accident. If the deceased person is a holder of a life insurance policy, his/her declared beneficiaries will receive financial aid.

Generally, life insurance policies are cheaper when you avail it in your early adulthood than old age. This is because of the compounding sickness and health issues that can arise as age advances.

Signing in for a life insurance policy may sound tragic, but to many, it offers peace of mind and is in fact, a wise choice. don't be surprised to know that there are companies who sign-up their employees to such form of insurance. (Yep, I remembered filling up that form.)

In a Term Life Insurance Policy, the insurance company will only give pay off to the beneficiaries if the member dies during the duration of a predetermined span of time, say 10 or 20 years. On the other hand, Permanent Life Insurance Policies guarantee compensation even as the member reaches old age.

There are also insurance policies that offer additional benefits like savings and investments.

Considering that it is an agreed fact that humans die, getting a permanent life insurance policy is an absolute way to ensure your loved ones get monetary compensation upon your death, however, it does come at a higher premium compared to term life insurance policies.

So, knowing what a life insurance is, should you actually get it?

The answer to this question is relative. Do you have any loved ones whose fully dependent on you and will have nothing should you be gone? Are you engaged in a job that exposes your life to potential risk. Are you earning enough to be able to shoulder the monthly, quarterly or annual fees of your preferred life insurance plan? If the answer to those questions are yes, then I say you have a good reason to avail a life insurance plan. Of course, the decision to indeed get a life insurance plan should be something you carefully decide taking into consideration the pros and cons, as well as life circumstances.