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Do I need Life insurance?

Well this is one easy question. The answer is yes. Of course the answer can get a bit more complicated but, simply put life insurance is like a car. You don’t need one, as in, you can get away with not having it but, overall, it makes your life considerably better. Insurance works similarly.

Life insurance is a failsafe, one that, should it ever come into play you won’t be able to enjoy. You might think that an insurance policy is something you do for others, then. Yes and no. A life insurance policy is something that you take out in order to make sure that you are fully and completely at ease if you were to pass away tomorrow. After all, you probably have people depending on you: a partner, kids or parents that will miss you and possibly go through financial hardship if you were to pass away. You take out the policy for them in case anything happens but you are the one who benefits from the policy during your lifetime. And not just from peace of mind.

Life insurance policies usually fall in two broad, general categories: term life insurance policies and full life insurance policies. The former are the type of policies you take out when traveling to a high risk area for a long time, like moving to a conflict area to work as a government contractor or working on an oil rig. Term life insurance policies have the benefits of generally being quite cheap, in that the premiums are quite small. Once the policy expires, however, you are no longer insured and you never get any money refunded. A whole life insurance is what people generally refer to as insurance. Whole life insurance can be adjusted through all sorts of provisions called ‘riders’ in the trade that can customize it for your particular needs. Whole life insurance also has the benefit of being something you can access if you really need to. You won’t get the money you put into it but if you need cash fast it can be the way to go.  And as there are many insurance providers with drastically different rates, riders and provisions you should run a whole life insurance comparison before you commit to anything.

While there are many types of life insurance and there are many option for each types, not to mention providers willing to peddle them to you one thing is certain: you need life insurance if you want to rest easy at night and not worry over the future of your family.

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Posted by - November 23, 2012 at 11:32 am

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