I term life insurance with endowment plan, I do not have whole life insurance. The term life insurance policy I have has a 25-year maturity period. During the insured period, I will receive compensation against accidents and terminal illnesses. Once the policy matures, I will also get back my insured amount. I find this insurance policy very useful. Well, the money I pay for premium can be invested in stocks and get better returns but with stock investment I don’t get insurance coverage. Term life will not only give back my money with some bonus but also provide coverage. The money I get back can be used for investments, debt repayment, starting a business, or buying a house.
Do You Find Life Insurance Useful?
- Thread starter Mika
- Start date
Life insurance is all right as it does provide necessary coverage to your family in case of the worst scenario. When you die, the insurance company gives a one-time payout to your next-of-kin to enable him/her clear bills, feed the family, or fund future costs such as school fees for the children. For a parent to know that they will not lack finances when you are no longer around brings a lot of comfort. That is why life insurance is also appropriate in times of unpredictable situations, to provide assistance at the worst time. It is a measure that informs your family protection.
Definitely, I find life insurance to be really important because it can help you save money on emergency and instead of thinking how you are going to cope, with your life insurance you already know you have a buffer that's available, it puts the anxiety away.
Also, depending on the kind of life insurance you have got, it can serve as a form of inheritance for your kids when or if you die, so that they continue to live without having to be stranded or start looking for ways to pay their school fees or health bills etc or so.
Also, depending on the kind of life insurance you have got, it can serve as a form of inheritance for your kids when or if you die, so that they continue to live without having to be stranded or start looking for ways to pay their school fees or health bills etc or so.