Why Do I Need Life Insurance?

Why do I need life insurance?

People sometimes think that life insurance is something that is not worth addressing until later in life. The fact is that life cover is definitely important for people of all ages. Before you decide that putting off consideration of any type of life insurance can wait until later, here are some reasons why you need to start looking at options for life cover today.

You are Not Guaranteed a Tomorrow

None of us have the slightest idea of when or how we will die. Some people will live to a ripe old age while others will meet untimely ends earlier in life. The fact that you are still a number of years away from retiring does not guarantee that you will live long enough to reach that age.

Stop and think of what would happen if you were to pass away tomorrow. Would your loved ones have the funds needed to settle your end of life expenses? Are there funds on hand to cover the cost of a funeral? What would happen to the balance of loans and credit cards that you have at the present time? If you find those questions hard to answer, then it is clear that you need at least one life insurance policy in place immediately.

Taking Care of Loved Ones When You Are Gone

Life insurance is not just about settling end of life expenses. It is also about providing for your loved ones when you are no longer around to earn a living. Consider how the right type of life cover would provide the funds your family needs to get through that first difficult year after you die. Those funds could help replace your income during that period and allow your family to cultivate ways to replace that income.

That life cover can also provide the funds needed to ensure your children can go to university when they are old enough to do so. By ensuring that the life insurance plan is structured to pay the benefits to a trust, the money can generate more interest in the interim, creating more resources to help them complete their educations.

The fact is that there is no down side to securing a reasonable amount of life insurance. Talk with an agent today and find out how the different forms of life cover work. Even if you have to begin with a modest amount, there are plans that will fit in the budget easily. Remember that investing in some life insurance today is another way of ensuring the people you love the most will have what they need if you are not around to provide it.

About the Author

Charl Oosthuizen
Independent Financial Advisor / Onafhanklike Finasiële Adviseur Ultrafin Finansiële Oplossings (Edms) Bpk / Financial Solutions (Pty) Ltd FSP 35757 Cell: 083 377 1441 | Fax: 086 617 8137 | Tel: 086 111 4602 Besturende Direkteur. Charl is sedert 1990 betrokke by versekring. Verantwoordelik vir oorhoofse bestuur van maatskappy, met spesifieke fokus op die Kort Termyn Afdeling as ‘n boer in murg en been lê die landbou vir Charl baie na aan die hart. Dus vorm Agri Versekring en gepaardgaande NIS produkte ‘n belangrike deel van Ultrafin se Potefeulje.

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