Why You Need a Life Insurance


Why You Need a Life Insurance: Life Insurance for Everyone

Life insurance policies have become as indispensable as a home for most people and as the name suggests it means that your death is assured. Life insurance becomes relevant when you have a family and even more so when you are the only breadwinner in your family

Who Really Needs Life Insurance

The myth has it that younger people do not want a life insurance. Well, what fuels this concept is the fact that younger people have longer life expectancy than that of older people. But age doesn’t matter when it comes to life insurance. What matters is whether you have anyone depending on you. So, if you are young and have a family to provide for, taking a life insurance policy is a must for you.

Life insurance for senior citizens

For senior citizens life insurance is unavoidable. But insurance companies are not as keen on giving you an insurance policy as they are to younger people. Care should be taken when you take a policy. One thing that you can do is to find a trustworthy insurance agent who can help you find the right policy. That is if you have a good health and you intend to keep it so, you certainly will have a good many years in front of you. Your agent will have the necessary connections and can convince the company.

These Are The Points That Should Be Considered:-

  • Heart problems
  • Weight
  • Height
  • Blood pressure
  • Cholesterol
  • Family history
  • Type I or type 2 diabetes etc.

The Two Wide Branches of Life Insurance Are:-

Whole life insurance: – The whole/universal/cash value life insurance which is also an investment plan in which you will get the policy amount with its interest when it matures provided that you outlive the policy period.

Term life insurance: – Term life insurance which covers you for a certain period of time. It is available in 10, 20, 30 years terms. At the end of the term the company offers to renew the policy. But as it is purely insurance and not an investment, you wont get your premiums back