Understand Life Insurance

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

To put it simply, you pay a sum of money known as the premium to the insurer and when the person pass away, the beneficiaries (usually the family members), get a lump sum of money known as the death benefit.

Family life insurance

Now the next question is should you buy life insurance?

You should buy life insurance, if you have anyone who may depend on you for financial support. For example: your kids/spouse or elderly parents.

However, if there is no one that requires you to support financially, then life insurance is optional.

Every responsible advisor will spend time talking about life insurance with their clients because they understand how important Life Insurance is in providing support for your dependents.

Life insurance proceeds can serve as a source of support, pay debts, or provide for the education and daily living expenses of your family and dependents.

𝟑 𝐑𝐄𝐀𝐒𝐎𝐍𝐒 Y𝐨𝐮 S𝐡𝐨𝐮𝐥𝐝 G𝐞𝐭 𝐋𝐈𝐅𝐄 𝐈𝐍𝐒𝐔𝐑𝐀𝐍𝐂𝐄

✅ Safeguard your family and their financial needs
✅ The rising cost of premiums
✅ Manage uncertainties and risks

Dr Sanjay Tolani quote

Regardless of which policy you choose for life insurance, in the end, the goal is to get yourself covered as soon as possible because you never know what will happen tomorrow and life insurance will only get more expensive the longer you wait.

If you are a client/prospect reading this, speak to a financial advisor to understand how you can get sufficient life insurance for yourself and your family today! It is always better to start early.

So the next time when you hear an advisor asking “Do you have life insurance?”, do spend a few minutes sitting down and ask them more about it because it might just be the most important investment you make on yourself.

#LifeInsuranceIsAMustHave #Starttodaynottomorrow#LifeInsuranceMatters