Dangers of Not Having Life Insurance
Do you have life insurance? If you do not, you are running an absolutely huge risk. Sure; for you it is not going to matter too much seeing as you are dead, but your family are likely to be suffering if you do not have life insurance in place. Let me explain why.
Let’s say you are in work. Let’s also say that your family relies on the income that you bring home each and every month. What would happen if this income was simply snatched away? What would happen if one day your family woke up and you weren’t there? Without your income coming in, your family would find it incredibly tough to live. They may end up losing their home, they may end up being unable to pay bills, and it is going to be devastating for them. This is how life insurance can help.
Life insurance helps by providing your family with cash in the event of your death. This means that any lost income will be replaced. It also means that they will receive coverage for any bills that have resulted from your death. For example; if you provided childcare then the cash may be used to cover the hiring of somebody to look after your children. If you were the sole payer of bills, or even the owner of the house, then they money will be used to cover that.
Many life insurance policies will payout upon you being diagnosed with a terminal illness. This can prove to be useful in a multitude of different ways. For example; some people will use the money that they receive from their life insurance policy as a way in which they can go out and ‘enjoy life’. Others may use the cash to fund their medical expenses so they do not have to worry too much about them!
In addition to this, the majority of life insurance policies (although you are going to have to check the terms of your particular one), will provide coverage to your family for a funeral. As you may know; funerals are more expensive than ever before. They can really eat into cash. A basic life insurance policy should include some sort of coverage for funeral expenses. This again is going to take a whole lot financial problems off of your family. Sure; you will not be around to help them out, but I am pretty sure that you want them to be taken care of. This is what life insurance coverage does. It will take care of your family in the event that you are unable to do so.
Remember; when you are shopping around for life insurance you really do want to make sure that you are getting the best deal possible. The vast majority of insurance companies nowadays will offer life insurance to some extent. Shopping around will ensure that you get the maximum amount of coverage for the lowest possible price!
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