Life insurance. Its the one question that’s always on our mind. From is it necessary, to how much should it cost? One thing is that you should have it, even if you’re fit and healthy now.
1. You can actually afford life insurance.
Surprisingly you will find that you can actually afford life insurance. Times have changed where life insurance was set in stone. You can now alter and change your insurance to suit your lifestyle.
You can get life insurance called “whole” life insurance. This caters to your whole life and includes death benefits for example. There is insurance called “Term” life insurance. Term life insurance provides coverage for a specific period of time. Called a term it means you can select from 10, 15, 20, or 30 years.
You can choose extras and premiums that may cost you more, but overall you should be able to find a insurance within your budget.
To help find this we recommend a financial advisor from Smart finance
2. Being young and healthy is a bonus.
The greater the health the greater the benefits. If you are active and live a healthy lifestyle you will find that your ongoing cost and premiums for life insurance are lower.
Healthy people are less likely to get ill compared to someone of old age. Hence, why life insurance is more expensive as you get older. This is one benefit of getting life insurance early with a term rate.
3. Your work insurance might not be the best for you.
Work insurance may cover the basics but it is not tailored to you as an individual. You need to be aware of the costings of doing your work insurance, but also what would happen if you lost your job or the business closed down.
Coverage is better than no coverage. But you should talk to a financial advisor to see if your work policy is working for you.
4. Funerals are expensive.
Very expensive. A funeral can cost RM8,000 to RM15,000. This excludes the cost for a tombstone, casket, and other additions.
This can be an extensive cost that will lay burden to family members and friends. Having a life insurance can take care of everything so your family doesn’t have to. Another bonus of having life insurance cover
5. Insurance can be beneficial for others.
Sometimes it not all about you. Will millennial are taking their time having children, it is something to consider. If you were to pass , your financial debt may become a burden to your spouse. On top of this, they may lack the financial funds to look after the family, especially if you are the primary breadwinner.
Life insurance benefits will be beneficial to your family, so it is one thing to consider.
Insurance is important for you and others.
There are so many different plans to suit your lifestyle. With different terms, it doesn’t have to be expensive. There is plenty of information online about life insurance. I recommend smart finance.
Smart finance can help you work out life insurance is best for you. You can even speak to financial advisors in your area to help you make the correct choice.
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