A lot of people see life insurance as an added expense because they don’t easily see the value, unlike if you buy an expensive gadget like a cell phone where you can immediately experience what you pay for. But what they don’t see is the potential cost of not buying a life insurance – the hidden bargain of coverage.
So what are the risks of being uninsured?
- Critical illness
Hospital bills, laboratory expenses, other hospital procedures, and medicines will surely drain whatever savings you may have in case you acquire one dreaded disease like cancer, kidney failure, and others. Some life insurance policies have a rider called critical illness benefits that cover this kind of situation. Depending on the policy the insured can immediately receive a lump sum amount of money that can help with the medical expenses.
There are a lot of uncertainties in this world. We don’t know when but there are risks of not being able to work and earn your paycheck due to illness or injuries. Coverage from life insurance for disability can surely help the loved ones start something to earn a living.
- Income protection
Another life uncertainty is unexpected death. Life insurance can prevent a financial catastrophe for the loved ones left behind, especially if they depend on you for income. The coverage can be used to start a business or make an investment to cover the lost income.
- Education expenses
Sending children to school is one of the parent’s biggest concerns. If they don’t prepare early, they will have a hard time coping with the continuous increase in tuition fee. Today’s life insurance has investment portion that can be used for children’s education.
- Estate tax
The estate tax is mostly imposed on assets left to heirs. However, if the heir doesn’t have the means to pay the estate tax for a limited period he/she might lose it. Proceeds from life insurance can be used to pay for the estate tax to make sure that your heir will get their inheritance.
- Enjoy the benefits while you are still alive.
Contrary to what most people know and believe, that life insurance is only beneficial after the death of the insured, fund value from life insurance can be used for different purposes such as down payment for your dream car or your dream house, other projects like repair of your house. You can also use for your dream vacation or simply use for your retirement.
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Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.