As the Irish poet and playwright Oscar Wilde said,
“Life is far too important a thing ever to talk seriously about.”
These are fine words to live by as we tackle life’s beautiful, ever-changing journey. Hopefully, never let the focus linger too long on things that might seem serious at the time but mean very little in the grand scheme. However, that’s not to say we can’t do our best to protect ourselves, and life insurance is an unrivaled way to secure our loved ones against those occasional unpleasant surprises.
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Live for the Moment. Plan for the Future
Life insurance is one of those purchases many of us recognize would be a sensible, beneficial move yet often procrastinate over. This article looks into the subject of life insurance. Why we need it, how to get it, and what tips and advice to follow. Far from being the arduous, expensive slog we might imagine, life insurance is remarkably straightforward and relatively inexpensive to acquire with solid strategies and focus.
Who is Life Insurance for?
Life insurance is the perfect financial tool that protects the people left behind if the unthinkable happens. Whether the policyholder dies in an accident, through some undetected health issue, or is diagnosed with a terminal illness, life insurance provides a safety net. Their dependents and loved ones are not saddled with extra worry and stress through their grief, as any decent policy will make ample provisions for their continued standards of living. Although those with families and dependents are undoubtedly high on the list of those who should consider life insurance, others may not be immediately apparent. The list includes the following:
Income providers
Whether or not they are the primary breadwinner, any individual who contributes financially to a household should consider life insurance. In the event of their death, the bereaved partner may find themselves struggling to support the family unit and meet existing debt payments like mortgages. Life insurance steps in and provides ample financial assistance that takes that aspect of worry out of the equation.
Legal guardians with financial dependents
Regardless of their relationship (parent, grandparent, legal guardian, etc…), any adult who is legally responsible for minors needs income to maintain a healthy standard of living. If disaster strikes and they are no longer around to provide that income, a life insurance policy covers this and ensures the children do not suffer hardship due to the loss.
Small-business owners and managers
There is no doubt that owning and running a small business can be a challenge that often teeters between success and failure. While established companies are much more capable of handling the devastating loss of owners or managers, small businesses frequently rely on their skills, experience, and hard work to survive. Adequate life insurance can negate some of the negative impact of this loss through an influx of capital.
While this does not replace the individual’s knowledge and passion, additional funds can go a long way toward helping shore things up and provide security as the company recalibrates and recovers. Conscientious business owners who want to protect the livelihoods of their employees often use life insurance as an excellent means to do so.
Compassionate charity-givers
Some people leave money to their favorite charities in the event of their death. This can be achieved by making the charities direct beneficiaries or including a charitable giving rider that donates a percentage of the policy’s total amount when the life insurance policy pays out.
Practical Steps When Researching Life Insurance Policies
Some recommended steps when researching and choosing life insurance policies include:
- Commit sufficient time and energy—Although acquiring life insurance can now be done quickly and efficiently, rushing into it is not recommended.
- Choose established, trusted comparison sites—There is no shortage of comparison sites that facilitate easy analysis of life insurance policies. Stick to popular, well-reviewed sites if unsure.
- Examine policies carefully side by side—Pay careful attention to the exact wording of each condition and make notes for comparison later.
- Research the insurance providers—Many life insurance providers may be unfamiliar and require further investigation.
- Call and speak to insurance providers directly—Although the process can be completed online, it always pays to talk to your shortlisted candidates. They may provide additional incentives and discounts over the phone and can clarify any issues.
Conclusions on Life Insurance
Try as we might, none of us can predict the future. All we can do is to set a few simple elements, like life insurance, in place and get on with living full, extraordinary lives. This a sound, responsible tactic that guarantees financial stability for those left behind. However, it is also a fantastic psychological step to take, as the anxiety of wondering what happens when we’re gone is taken off the table. It provides peace of mind and lets us focus our mental energies elsewhere; nothing is more valuable.
