Should I Get Life Cover?
Yes, you should invest in Life Cover Insurance, and the sooner you do so in life the more cost effective it will be. The following are 11 reasons why you should have life cover insurance.
1) Life Cover Serves as a key source for final expenses
Final expenses, which may include burial expenses, inheritance costs, and estate taxes, are hard to bear. The funeral and burial expenses alone can be very costly. However, a life insurance can cover all of these costs.
2) Life Insurance Replaces lost income
When you die unexpectedly, your family will not only lose a loved one, but also the income that you contribute on a monthly basis. You are irreplaceable. Nonetheless, the lost income can be replaced by your coverage.
3) Life Insurance Covers mortgage(s) and other debts
Other than the final expenses, the cash value of the policy can also cover debts that you may reluctantly leave behind. For one, it is a form of mortgage protection.
4) Life Cover Supports dependents
Aside from your monthly contributions, your financial supports to your aging parents, for example, will stop. This won’t happen if you have an insurance. Your family may still enjoy their life even when you are no longer there.
5) Life Cover Provides immediate access to cash
If, in case, you have an emergency, you may withdraw or borrow against your policy’s cash value. Insurance providers approve a loan regardless of the purpose of the insurer in securing such a loan.
6) Life Insurance Cover Offers riders that accelerate the death benefits
While you suffer from chronic or terminal illness, you may acquire additional features. In this way, you may further ensure that your loved ones will not suffer financially, paying for your medical bills.
7) Life Cover Ensures future insurability
Insuring yourself for your children and insuring them is the most practical way of preempting the costly consequences of future health. This is about the family’s genetic blueprint wherein a family’s history of illnesses may take a heavy toll on their future financial security.
8) Life Cover Meets evolving needs
Changing needs affect the financial security of a family. Speaking of riders, a life insurance product provides various features that can be changed or added suitable to the insurer’s new life circumstances.
9) Life Insurance can provide educational funds
College is very expensive nowadays; what more in the coming years? If your savings is not enough for the continuity of your children’s education, then a policy could be the answer.
10) Life Insurance offers the possibility of leaving a legacy
Most of us are not very concerned with how we want people to remember us when we are gone. Also, if you are currently supporting a cause, what will happen when you die? The foundation, for instance, may continue with its operation if you will name it as one of your beneficiaries.
11) Life Cover renders support throughout the recovery period
A surviving parent, spouse or children may need to take some time off from work while nursing your loss. Likewise, getting used to the new family dynamics is not easy. The proceeds from your policy will help them get through this sad phase.
Evidently, there are many reasons to get yourself life insurance. A policy is actually one way of protecting yourself and your loved ones against the risk of financial loss. At the same time, it helps in securing a bright financial future for them. Nevertheless, while there are many life insurance products out there, you should get the one that provides the most coverage at the least cost possible.