Why Buy Life Insurance? Is it really that important?
Why Buy Life Insurance? Is it really that important
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You have certainly heard people talking about life insurance, its benefits and how you need to get it, but they have probably not told you why you should have one. You may have even asked them: "Why buy life insurance?" You are probably wondering why life insurance is really important. The answer for this is not complicated, fortunately, and it extends past the money alone. It takes in all aspects of your life and encompasses many things that you may not have considered before. A few of the reasons are listed below so that you can have a better grasp on it if you have ever asked yourself: "Why buy life insurance?"
First off, you may be asking yourself: "Why buy life insurance before I am old? Why buy life insurance when death is so far away?" You may have the idea that this is something that young people do not need to concern themselves with. Many times, however, the exact opposite is true. You have to think about the logistics of the world after you are gone. If you are ninety years old when you die, do you have children living with you who need to go to college? Do you have a whole family who counts on you for support? The answer is probably no. When you are younger, however, these things are very real. You need to think about what will happen to your loved ones without you. What do you think your worth is to your loved ones? Even if don't know it, though young, your family is investing in you with expectations that YOU will make significant contributions to yourself, your family and society. Do you want to let them down if the unexpected happens?
Now, perhaps you live alone. Perhaps you do not have a family and you think you still are too young to need a policy. However, do not forget that someone will have to pay for your funeral and all of these expenses. Most likely, this will be your nearest of kin. You may ask yourself: "Why buy life insurance? Why buy life insurance if I'm not sure that they will need it?" In a very real sense, they might. They might be having their own financial challenges, don't be selfish, and think of them.
From a monetary point of view, you could ask yourself: "Why buy life insurance when I cannot afford it? Why buy life insurance to create extra bills?" What you need to consider is that it only gets more expensive as you grow older. The companies will evaluate you based on the risk you pose to them. An older person, then, will have to pay more since they will naturally die sooner. Getting a plan sooner in life is a good way to get it for less.
Finally, you may think: "Why buy life insurance when I do not have any sickness? Why buy life insurance before I have a disease?" The problem with waiting is that some diseases and medical conditions will make it impossible for you to get a policy. The truth is that in most cases you can only get one before you are sick. Once you are sick and diagnosed it goes in to database called MIB-Medical Information Bureau. This is what the entire industry uses before approving life insurance. Unfortunately, nobody's health is guaranteed. One day you wake up fit as a fiddle and the next moment; bang! something comes up. Something on health or otherwise happens not because we wish it but because life happens. At this point, it may be too late, due to the term pre existing condition. So please think again and instead of asking; "why buy life insurance?" Ask yourself-what kind of name and legacy do you want to leave behind? The choice is yours.
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