People do not like to think about life insurance. This is so because of the usual prejudices and the desire to drive away bad thoughts. Nevertheless, other people care about themselves, their family and possible unforeseen situations.
Life insurance is usually voluntary. However, people are especially interested in getting insurance several times in their lives. According to scientific statistics, 5 out of 12 people buy cumulative life insurances because of an upcoming important event: a wedding, buying a house, baby birth, etc.
Children are the greatest incentive to think about life insurance. Parents want to be sure that their children will be financially secure regardless of life situations. People often refuse life insurance because they think it is a very difficult financial procedure.
You can insure yourself within 15 minutes. Monthly payments can be paid using the Internet. Many insurance companies have similar online services. Nylaarp.com/servicepaybill will show you how to work with such services.
Why is it necessary?
Financial support for those who depend on you
This is one of the most common reasons for life insurance applying. You want people who financially depend on you to take care of themselves in case of an unforeseen situation. Usually, this is your wife/husband and children.
Paying off debt and expenses
Unfortunately, there are cases when an unexpected loss of a family member can bring new loans. Loan repayment responsibility can be shifted to the grieving wives, husbands or children. The insurance payment policy provides significant assistance in this case.
A family can use all received money to pay for various expenses, including for treatment, surgery, rehabilitation, etc.
Savings on college or university fees
One way to use a life insurance policy is to pay for your children college/university education. You can be sure that children education costs will be covered by insurance policy payments.
The second option — the cumulative insurance of your child until the 21. Thereby you insure him/her against accidents and critical diseases with the simultaneous accumulation of your contributions.
We try not to think about the bad, but today’s medical services prices can shock. Billing coverage is a payout for an insured event that is able to repay a significant portion of expenses. Think not only about yourself but also about your loved ones!
Life insurance sum
Think about the required insurance amount in advance. Count your income, expenses, and debts; calculate an amount your heirs may need after you die. Calculate the approximate annual amount and multiply it by the term of the future life insurance contract.
Always read the insurance contract, study the insurance rules carefully, and ask questions to the insurer. Check insurance cases and compare them with your lifestyle (you may go in for extreme sports, etc.).