Right through the previous years, life insurance has begun to gain huge popularity amongst individuals worldwide. With many terming it as one of the crucial pillars of personal finance, this type of insurance cover oversees that ones designated beneficiaries are paid a certain amount of money should the insurance policy holder die.
As per statistics, young parents and adults were the main contributors in the purchase of life insurance cover. Either they wanted to protect their children incase they passed away early or they wanted to establish some kind of safety nets for their loved ones before retirement. Despite its popularity, getting a life insurance cover can prove to be a hassle as there still remains a great deal of confusion as to …show more content…
There are many reasons why single people should insure themselves. For starters, you wont stay single forever, maybe. Also, it would be a big shame if you die and one of your family members has to pay some of the debts you've left behind as well as your funeral bills. As well, one cant tell what the future holds, you might succumb to some fatal diseases making it expensive to get a life insurance cover at that point. Remember, getting this cover is less costly when you are young as compared to when one …show more content…
However, a term insurance cover is recommended incase they plan on not staying single forever
For young families:
At this stage, primarily for those families without a big chunck of money set aside, its important to take this insurance cover. With couples having either each other or their new born kids to protect incase of ones untimely demise, life insurence coverage will see to it that the people who depend on you are sorted interms of income and support.
For many young families, term insurance coverage is always the way go. But why is that so? For one thing, its more affordable and less costly as compared to whole life cover. Moreso, one can choose the term depending on their kids age and the period of time they would wish to provide them with financial cover until they become of age and can take care of
As per statistics, young parents and adults were the main contributors in the purchase of life insurance cover. Either they wanted to protect their children incase they passed away early or they wanted to establish some kind of safety nets for their loved ones before retirement. Despite its popularity, getting a life insurance cover can prove to be a hassle as there still remains a great deal of confusion as to …show more content…
There are many reasons why single people should insure themselves. For starters, you wont stay single forever, maybe. Also, it would be a big shame if you die and one of your family members has to pay some of the debts you've left behind as well as your funeral bills. As well, one cant tell what the future holds, you might succumb to some fatal diseases making it expensive to get a life insurance cover at that point. Remember, getting this cover is less costly when you are young as compared to when one …show more content…
However, a term insurance cover is recommended incase they plan on not staying single forever
For young families:
At this stage, primarily for those families without a big chunck of money set aside, its important to take this insurance cover. With couples having either each other or their new born kids to protect incase of ones untimely demise, life insurence coverage will see to it that the people who depend on you are sorted interms of income and support.
For many young families, term insurance coverage is always the way go. But why is that so? For one thing, its more affordable and less costly as compared to whole life cover. Moreso, one can choose the term depending on their kids age and the period of time they would wish to provide them with financial cover until they become of age and can take care of