When should you purchase life insurance? That is exactly the question that we will address in this short series on the topic. Follow along as we kick things off with a warning.
Take advice from the Australian Securities and Investments Commission (ASIC), on their website MoneySmart:
“Imagine what your family’s life would be like if you or your partner died or became seriously ill and couldn’t work. Would you be able to survive financially? Can you pay the mortgage and bring up your kids?”
This brings up some haunting thoughts. While it is morbid to think of how your loved ones would fare if, right now even, you were to pass away unexpectedly. One only needs to look those who have passed too early, from Discovery Fit & Health’s “59 Famous People Who Died Before Age 40” to our personal lives. Sometimes you simply don’t know; you can’t count on a “normal” life expectancy, at least according to the statistics.
The Value of Life Insurance
What is the true value of life insurance? Often it is in the case when the unexpected occurs.
This is a common aspect in the world of insurance. The unexpected, after all, accounts for the claims that fill health insurance, car insurance, and so forth – insurers of consumers around the world. If we could all fully plan out each and every expense that we encounter, we would be much better at managing our budget.
Such is the case with life insurance. Many families are devastated financially, as well as emotionally of course, with the event of losing someone too early. It is common knowledge of the destruction of cancer alone; there are too many possibilities to ignore life insurance. However, of course, the true need of life insurance can only be approached on a case-by-case basis; having a plan is recommended at any rate.
Here and Now
We return to the “point” in the first quote of the article: what would happen if something happened, right now? If it would cause disaster due to a lack of life insurance for you or another close to you, perhaps that is a sign that consideration is warranted.
As we will soon explore in its own article, putting it off until later is very deceptive and dangerous. What if there is no “later” – at least in the eventual time frame that will occur via procrastination – wouldn’t that be a sad situation? This is not intended to scare you, but merely serve as a wake-up call. After all, this is one area where not having a plan can completely break down a family’s finances.
Are you missing out on life insurance? Take a moment to ponder some of the questions proposed in the article. Perhaps life insurance, or at the very least, a plan, is warranted. This is not an area where you want to ignore your family’s needs with the possibilities that life unexpectedly brings.
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