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Life Insurance

4 Reasons

Think you don't need life insurance if you don't have kids? Think again. It may seem like an unnecessary expense. But there are many reasons to have life insurance, even if you’re not supporting a family.

1. Mortgage protection

Whether you live by yourself, with a spouse or significant other, you may want to buy life insurance as mortgage protection. Think about it − you don't want the person you live with to be homeless if you die unexpectedly, do you?

Term life insurance can be used to pay off an outstanding mortgage balance. Just select a term that matches the length of your mortgage payment period. Some companies even offer decreasing term insurance, which means the death benefit decreases along with your mortgage balance.

2. Income replacement

You and your significant other may have planned for a future based on two incomes − but what if one of you passes away unexpectedly? Life insurance can be used to replace the lost income so the survivor can maintain the same standard of living.

3. Final expenses

You've seen the commercials − funeral expenses, burial costs and medical bills can add up to a hefty amount. The last thing you want is for your loved ones to shoulder this extra burden.

Life insurance can be used to plan for these final expenses. Permanent life insurance is available in various amounts, so you can pick a death benefit that meets your needs.

4. College funding

OK, OK … this one only applies if you have kids. But have you seen the tuition rates lately?

Life insurance can help fund a college education. If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children reach college age. Feel better knowing that you helped prepare for their future – even if you are not there to see it.

Just keep in mind that investing involves market risk, including risk of loss of principal. Take care to ensure that permanent life insurance is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase.

The earlier the better

So maybe you're starting to see the need for life insurance … and you'll call your agent next week, right? Don't put it off! Typically, the younger you are when you get insurance, the lower the cost and the easier to get approved.

What life insurance isn’t and is;
  1. It won’t make you look cool.
  2. It won’t make your neighbours jealous.
  3. It won’t make you taller or slimmer.
  4. It won’t make you wealthy.
  5. It will help you to sleep better knowing you can still take care of your loved ones, even if you’re gone.
  6. It will allow you to kiss your child goodnight safe in the knowledge that their future is secure should the worst happen to you.
  7. It will prevent your children from becoming a burden. Although your family will look after them, can they actually afford to do so without the financial support of an insurance cheque? Especially these days.
  8. Life insurance is the single most important financial product you can buy. Why save for a rainy day or retirement which is years away while your current needs are not protected. Deal with life cover first, then savings, then retirement planning. In the blink of an eye, everything can change, you’ll be glad you have life cover.
  9. It is the protector of dreams. The dreams you had of your children going to college, of helping to pay for your daughters wedding, of contributing towards your son’s first house deposit. Without it those dreams won’t come true.
  10. Buying life insurance is a selfless act of love for the ones you leave behind. It’s the only gift you can buy that you get no real benefit from. You pay for it but your only your loved ones will benefit from it. Be generous.

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