Life Insurance
Life Insurance is a financial product that is often overlooked when people are building their portfolios. Most people these days do not prefer to live paycheck to paycheck, and instead try building capital by saving or investing a portion of their income. However, there is always a hesitation when people are buying life insurance. Since there are no significant returns on life insurance, people tend to overlook it. Life insurance becomes much more significant when somebody suffers from a terrible accident or is subjected to terminal illness. Life insurance is a product that is purposeful only when an individual accepts that death is unpredictable, and can happen to anybody at any point in time.
A MUST HAVE for Financial Security
Life Insurance protects families when an earning member is no more or suffers from a terrible accident that leaves them unable to continue to earn bread for the family. At SKInsure, we believe in financial prosperity. There can be no financial prosperity without financial security. The most important product when financial security is concerned is Life Insurance. Let us talk about the four reasons why you should invest in Life Insurance.
1. Safeguard your Income
If you are a breadwinner of the family, your income serves a great purpose in their livelihood and quality of life. The security your income provides for your family plays a great role in their education, nutrition, and fulfilling their needs. Your income is not going to stay forever, one day you are going to retire or will be unable to work due to health conditions. There are several periodic income policies that can make sure you have an income when you aren’t able to work anymore. Investing in the right policy can make sure you have an income even if you retire early.
2. The Unpredictability of Life
Life can take sudden turns, and anything can happen to anybody. A Term Life Insurance makes sure you leave an inheritance to your family in case of your demise or you getting subjected to any terminal disease. The payout can be lump-sum or periodic depending on your choice at the time of buying the policy. A term life insurance is the most common kind of life insurance bought by Australians, and people all over the world. Term Insurance protects the financial well-being of your family by issuing the claim amount in case of your demise. Getting term life insurance can provide ease of mind because it basically assures a payout to your family in case of your untimely death. The amount of payout is decided by the customer at the time of buying the policy and it should traditionally be equal to 10-15 years of the customer’s income.
3. Paying off Debt
If you have a house mortgage and have other debts in your name, it is essential to buy life insurance right away. In case of your demise or casualty, the claim from the life insurance can help your family pay off your debts and mortgages so that they can lead a peaceful life. Life insurance is something you do for your family, and not just for yourself. In case a person is not insured and dies unexpectedly, their entire financial burden falls on their family - which can be a nightmare to their quality of life.
4. Additional Savings
There are certain policies that deduct a certain amount from your premium, and invest it in other funds which accrue capital over time. Customizing your insurance policy according to your needs is the best way to get exactly what you want out of your Life Insurance. When this money collects over time, earning profits through various equity and debt markets, it makes the policy an all-rounder. You get your protection plan along with a saving plan, making this kind of policy incredibly attractive.
5. The Sooner the better
Insurance is something that inflates faster than most financial products, mainly because a huge factor in calculating the premium is the customer’s age. The younger a person is, the healthier they are and the less likely they are to have terminal diseases. When we are young, we are strong, our immune systems are at their peak and we can easily fight off diseases and gain our health back. The insurance market is incredibly sensitive to age and even one year is a significant time period for an insurance premium to increase. Insurance is something you should buy soon as you start earning, or early on in your twenties. Also, after a certain age, you will be unable to add on certain benefits to your insurance policy like critical illness protection and other protective add-ons. Do not delay the decision of buying a life insurance policy.
Buying the right kind of insurance
There are different requirements that people may have from their insurance policies. Some may want protection only in case of demise, some may want it in case of critical illness or serious accidents. Some may want only death protection combined with some saving plans. Getting a good insurance broker can ensure you get a properly customized insurance policy that serves and fulfills your every need.
Our expert brokers at SKInsure are here to help you get highly customizable policies according to your exact needs. Our brokers make sure you pay for only products that you need and not for any unnecessary benefits. Contact us today.
Contact us today to get started.
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