Life Insurance- Why Do You Need It?

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Today's competitive environment and recession is steadily taking a toll on our mental and physical health

. Recent survey results bring out some shocking facts, on a typical day in Australia, 220 people will be diagnosed with cancer, 132 patients will suffer from major coronary events, from which half of them will be fatal and life taking. After all this only 22% of Australians have Life Insurance, whereas there are over 5,530,000 families in Australia who have dependent children living at home, out of which only 4% of those with dependent children have life insurance of more than ten times their earnings, which means six in ten of those with dependent children have not got enough life insurance cover to look after their dependents for more than one year if they were to die. All this information reveals the fact that people still don't consider Life Insurance important. Life Insurance is very important because if something happens to you, it helps to make sure that your loved ones are still cared for.

WHY DO I NEED THE PROTECTION OF LIFE INSURANCE?

Most of the time people overlook the importance of a Life Insurance Policy. Life is uncertain and you should always be prepared for the worst no matter how distasteful the idea might appear to you. A good Life Insurance policy will take care of your loved ones, and will give you the peace of mind that their future is secured even when you are no longer there to look after them. For those who are still confused as to why they need this type of insurance, below are a few reasons as to why you really need to have it.

PROTECTS YOUR FAMILY

You never know what future may have in store for you, life is so uncertain and you should always be prepared for the worst. That is why Life Insurance is very important for you. When you are covered with this insurance, you'll know that the family is taken care of, even if something does happen to you.

PROVIDES YOU WITH TAX FREE MONEY

The main advantage of Life Insurance is that the money you receive from this policy is tax free. If you die and your family collects on the insurance policy, this money cannot be taxed, which is an important reason you should make sure you have a good plan.

FINANCIAL SUPPORT DURING SERIOUS ILLNESS

Serious illness can cause financial problems as well. However there are many life insurance policies out there that will also cover certain illnesses. This way if you fall ill, you and your family will be taken care of.

KEEP THE FAMILY BUSINESS RUNNING

Life Insurance also provides business protection. In case something happens to a business partner, this insurance keeps it ensured that business is protected and it keeps running smoothly.

by: David Morgan.

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