Why Life Insurance is Important?
Life insurance is important because your family is important. Think about this scenario: The worst has happened. You are no longer able to be with your family. But while you’re off enjoying the afterlife, what about the family you’ve left behind? What’s happening to them?
Chances are, they’re grieving. Now imagine them facing a life not only without you but without the financial stability that your income brought. Worse than that, they might be struggling to pay not only for your burial but for the roof over their heads. While the grief a loved one cannot be erased with something so mundane as life insurance, the reassurance you can give your family that they will be taken care of is priceless. If you are trying to decide if you need life
insurance, consider these scenarios:
1. Are you the sole support for your family? If you are, your family will struggle to manage with the most basic of financial needs when you’re gone. A term life insurance policy would see that these needs are met.
2. Are you a stay-at-home parent? Believe it or not, your time is worth money. What would be the cost of child care if you weren’t there? This should be factored into your life insurance needs.
3. Are you a homeowner with a mortgage? Can your family afford your home if you’re not there? Facing homelessness is a horrifying situation that too many grieving families find themselves in. Leaving enough money to pay off the mortgage will reassure your family of having a home regardless of what happens next. But keep in mind: HDB mortgages already have this built in, so check.