subject: Why Get Life Insurance [print this page] Life insurance for many people seems like a confusing concept and it's not unusual to hear people asking why they'd need money after they were dead. This is a valid argument for many people and it certainly isn't for everyone. For example, young people who have no families and no real commitments will not need life insurance.
Who life insurance is really for however is for those who have families and lots of commitments and who are financially very important for their families for these people it is highly important to compare life insurance deals and to take out a policy. The obvious candidate here is the bread winner of the family. This person brings in the regular salary with which they support the rest of their family and this is highly necessary for the children to afford schooling, for the wife to afford the home and for them to generally maintain their lifestyle. The main idea here then is that should you die, your life insurance would then pay out enough for the family to continue their current quality of life. Of course this won't bring you back and the family would no doubt rather have you alive still rather than have the money. What it does mean though, is that the family are able to concentrate on their emotional issues rather than having to face the loss of an important member of their family and their income. Without life insurance they may well have to sell the home, take the children out of school, eat worse quality foods, stop going on holiday and build up a bad debt. In this way then your death would cause their entire lifestyle to change unless you had life insurance.
Similarly though life insurance is also for the partner staying at home with the children. If something were to happen to them, then you would be left to both earn your family income and look after your children which would simply be something you couldn't do. Without having some money to leave work this would mean the children were being babysat or sent to nursery which could greatly increase the emotional upheaval they were going through.
Some life insurance policies will also add additional cover for certain accidents, paying out if you become permanently disabled for example this way insuring your current quality of life as well as your actual physical life. Compare life insurance companies to see which ones offer this.
It's important then if you have a family to compare life insurance quotes for some of the major firms. Compare life insurance from Manulife insurance and aig insurance etc to find the deal that best suits your circumstances and then take out a policy to protect you and your family. A policy with a life insurance company whether it's aig insurance or Manulife insurance is the only way that you can continue to look after your family even after you're no longer with them and that is an incredibly great gift.
by: Rachel Hammons
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