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If you think that only those who have children should buy life insurance, the thought and your decision will certainly haunt you throughout your life. Things may go wrong unexpectedly. Remember that economic gravity works strangely and hence, your financial plans can go awry. Then, your situation may be indescribably terrible. In other words, there may be several consequences, the main among them being you may lose control over a number of important areas of your life. In short, by deciding not to buy life insurance, you are sabotaging your happiness and peace of mind.
On the contrary, magic happens when you get yourself adequately insured. Life insurance can take care of your debts. Not only that, if you have a family, your family members need not lose their home. If your children want to pursue higher education, they may not face any issues. If your family members judiciously invest the lump-sum they get, they can have a steady income as well so they need not worry about bill payments or living costs. If there is a family owned business, the family members can continue to carry on with the business also.
In short, life insurance can do wonders for you. Let us elaborate.
1. No life insurance - No time to grieve, thanks to the new struggles
Let us now imagine the situation of a person who is not insured. Let us also assume that this person has a few loans including a mortgage loan. If he, who has all along been tending his family with lots of care, suddenly breathes his last, his family members are confronted not only by the shock of the tragedy but by the new struggles, thanks to the loans. In other words, the debts are a major intrusion into their shocked state. This means they may have to shake their grief because they have to desperately think about how to face the lenders.
2. Life insurance eliminates financial stress
By buying the right quantum of life insurance, the insured is eliminating the financial stress that may be caused due to his or her absence. It is true that life insurance cannot bring back the dead. Nothing can fill the void that has been created. In fact, the aggrieved members may think that everything is over. But they cannot quit their life. They have to understand the reality and start a fresh chapter. Since they are in the "safety zone" as far as their finances are concerned, it may not be very difficult for them to move ahead.
3. Debt-free life
The insured may have debts but when he leaves his family members, they need not have to worry about the debts they have inherited though the fact that they have been plunged into grief is undeniable. The insurance amount will help them pay these debts off so they can lead a debt-free life.
4. No worries of losing the home
Since the lump-sum got out of life insurance will take care of the mortgage loan, the family members of the insured need not worry about losing their home.
5. No difficulty in pursuing higher education
If the person has bought adequate life insurance, his children need not have to abandon their dreams of pursuing higher education. The insured amount will help them continue their education.
6. Insurance amount can replace the lost income
Life insurance can replace the income of the deceased person. This means there will not be any disruption to the future plans that have been made. The family members can continue to lead the same lifestyle if they invest the lump-sum wisely and ensure that they get a steady income.
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