Do you know when you will die? If you are the family breadwinner, do you know how your family will survive financially if you were to die? Do you have a plan in place to protect your family financially if you should die prematurely? Do you know how term life insurance could help you? This article will explain what term life insurance is and why it is a good insurance to buy. What Is Term Life Insurance? Term life insurance is exactly what it says it is. It is insurance on life for a specific time period. The length of the term and the value amount is left to the purchaser to decide. If the person insured dies before the defined term is over, the beneficiary named on the policy receives the amount of the coverage purchased. It is an insurance policy to provide funds of a predefined amount in the event the insured dies. If the person insured dies after the predefined coverage period, the beneficiary receives no money. Why Buy It? So you may be asking, why buy it. Isnt buying term life insurance a gamble? Term life insurance is no different than other insurance. The purchased amount covers the risk of potential financial loss. Car insurance protects potential financial loss of a car, amount awarded in a law suit, and medical injury. Home insurance protects potential financial loss of a home based on events defined in the policy. Term insurance protects potential loss due to death of the insured. If the events covered never happen you paid a premium without receiving any amount of your premium back. You may never have a car accident or any type of home mishap; however, someday each of us will die. As they, say there are two things that are certain in life death and taxes. Since you will die someday, is there a financial obligation that should be taken care of in the event you die? If you are the bread winner of the family, it is important to determine the financial impact of the loss of your income. How much would your family need if you were to die prematurely? Term insurance is a very important purchase for the bread winner of a young family. There are so many expenses to plan for including higher education for the children, the home mortgage, car loans, credit card debt and many others in addition to everyday living costs. Knowing the loss of income is covered if death occurs, the beneficiaries can relax a little more.
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