Life Insurance a Basic Necessity

For many people, life insurance is a basic necessity. It's true that almost everyone needs to have some sort of life insurance in place. If you have children, then it's even more important to make sure you have life insurance protection in place so that your children are protected no matter what happens to you. Here are some reasons why every family should consider getting their own life insurance policy:

Life insurance provides financial protection for your family in the event of your untimely death.

Life insurance provides financial protection for your family in the event of your untimely death. It's one of the most important financial decisions you'll ever make, but it can also be confusing and overwhelming to figure out which type of policy is right for you.

Life insurance can be purchased as a standalone product or as part of a group plan through an employer or association (like a union). When buying life insurance on your own, there are typically two main types: term and permanent. Term policies provide coverage for a specified period (e.g., 10 years) at an affordable cost; once that time has elapsed, the policy expires and no further payments are required unless you renew it--or if someone else takes out another term policy with them as beneficiary! Permanent policies pay out upon death regardless of age or health status; however these tend not only cost more but also have stricter underwriting requirements because they offer lifelong protection against unexpected events such as accidents or illness.*

The absence of life insurance can cause hardships on your loved ones

If you die without a will, the state will decide who gets your money and property. This is called "intestate succession." If one of your children is still a minor (under 18), they will receive all of their inheritance before anyone else does.

If you have enough money to pay for funeral expenses and debt obligations, but not enough left over for other expenses like college tuition or mortgage payments--your spouse may need to sell the family home or take out a loan against it in order to cover those costs.

If you were the main breadwinner in your family--and especially if there are young children involved--your surviving spouse might have difficulty supporting himself/herself on his/her own income alone while also paying off debts incurred during marriage (such as mortgages).

Its a basic necessity for every household

Life insurance is a basic necessity for every household. It's important to ensure that your family will be taken care of after you're gone, and life insurance can help with that.

There are many benefits to owning life insurance, including:

• The peace of mind that comes with knowing your family will be cared for if something happens to you (and knowing they won't have to worry about money)

• The ability to leave behind a legacy by setting up trusts or funds in their names, so they could use them for education or other needs later on

The ability to leave behind a legacy by setting up trusts or funds in their names, so they could use them for education or other needs later on The peace of mind that comes with knowing your family will be cared for if something happens to you (and knowing they won't have to worry about money)

Life insurance is one of the most important financial decisions you'll ever make.

Life insurance is one of the most important financial decisions you'll ever make. It can help protect your family's future and provide for them in the event of your death. For this reason, it's essential that everyone have some type of coverage at all times.

Life insurance is also a basic necessity for every household--even if you're not married or have children yet! You may not think about life insurance until someone close to you dies or gets sick, but if something happens to them, then what? How will their bills get paid? Who will take care of them? Life insurance protects against these questions by providing financial support for those left behind when tragedy strikes; this peace-of-mind can help ease some stress during these trying times as well as offer protection against financial hardship down the road (like paying off medical bills).

The value of life insurance

Life insurance is a financial investment that can help you protect your family's future. It can pay off debt, cover the cost of college and provide a safety net in case of an emergency.

Life insurance policies are based on actuarial tables that show how likely it is that you will die within a certain time period, depending on your age and gender. You can use this information to calculate how much coverage you need based on both your personal situation and financial goals.

Take a financial inventory

When taking a financial inventory, it's important to include all of your assets and liabilities. Assets are things that have value, like property or investments. Liabilities are debts you owe, such as credit card balances.

Make sure that you list all of your monthly expenses (housing costs, food bills and so on) as well as any income sources (salary or wages).

Consider your dependents

It's important to consider the financial impact that your death would have on your family and friends.

Life insurance can help cover the cost of expenses that you leave behind, such as:

• Funerals or memorial services.

• Paying off any outstanding debts you may have incurred during your lifetime, such as student loans or credit card bills.

• Funding college educations for children/grandchildren (or other long-term goals).

Consider the financial impact of your death on family and friends.

In addition to the emotional impact of your death, there are also financial consequences that need to be considered. If you die without life insurance, your family and friends will be left with bills and expenses that they may not be able to afford.

You may think that these costs won't affect you now--but if nothing else, think about how much money it would take for someone else in your situation right now who has no assets or income at all (or very little) to pay off all their debts and start over again. It's not easy!

You want everyone close to you who loves and cares about you as much as possible, but even more than that: You want them happy and healthy too!

If you are the only person in your family or group of friends who has life insurance, then they will be left with nothing but grief. Even if you have a small policy that doesn't cover all their expenses, it's better than nothing at all.

Conclusion

Life insurance is a basic necessity for every household. It provides financial protection for your family in the event of your untimely death and helps them live comfortably without having to worry about paying bills or putting food on the table. Life insurance can be a complicated decision, but it's one that you should make as soon as possible because there are many factors that play into how much coverage is needed by each individual person. By taking into account all aspects related to your finances and family needs then deciding on an amount based on those factors; may help make this process easier for everyone involved

Hi, my name is Jack Marbida, I am a financial coach for over 4 years now.  My goal is to help thousands of Filipino people understand and embrace the spirit of financial preparation through our program, "Financial Freedom". I know you need help but you just don't know where to start. Allow me to help you establish a brighter future. Click here for more information. Check what I have been doing here. 

Follow us: 

Facebook: https://www.facebook.com/OnlineAdvisor101

https://www.facebook.com/PapaJackph/

Instagram: https://www.instagram.com/onlineadvisor101

Request for a Life Insurance quote: https://bit.ly/3ChiRxM

Talk to us, set an appointment: https://bit.ly/3pIyve2

What is life Insurance: Learn more: https://bit.ly/2WSOjTs