"One of the most tragic things I know about human nature is that all of us tend to put off living. We are all dreaming of some magical rose garden over the horizon instead of enjoying the roses that are blooming outside our windows today."Dale Carnegie
|
| |
Direct Line takes Industry Leading Step to Protect Car Insurance Customers
Direct Line is taking the industry leading step of continuing to offer the 'Driving Other Cars' cover as standard in its car insurance policies. DOC cover is provided for motorists to use other vehicles or to allow another motorist to drive their car ...
Gastric Bypass Surgery - Will Insurance Cover the Cost?
Depending on the type of major medical insurance policy you have, most insurance companies will pay for gastric bypass surgery (also called bariatric surgery) if you meet certain conditions. However, some insurance companies have exclusion clauses for ...
How Much Car Insurance Should You Buy?
Car insurance is one of the most dreaded chunks in your budget. And depending on which state you live in, it could be a smaller or larger chunk of your budget than your neighbors across state lines. How much insurance should you buy? Any insurance agent ...
|
|
|
| |
Insurance is designed to protect a person and the family from disasters and financial burdens. There are many kinds of insurance of which, the basic and most important is considered to be life insurance. It provides for the dependants after your death.
Since there are certain financial commitments you need to meet throughout life and do contribute in some way to the family income, you need to provide something even in death--to secure the home, help the family meet expenses for a while, protect dependant parents, or secure the children or spouse.
Financial obligations could include funeral expenses, unsettled medical bills, mortgages, business commitments, meeting the college expenses of the children, and so on.
How much insurance a person needs would vary, depending on lifestyle, financial needs and sources of income, debts, and the number of dependants? An insurance adviser or agent would recommend that you take insurance that amounts to five to ten times your annual income. It is best to sit down with an expert and go through the reasons why you should consider insurance and what kind of insurance planning would benefit you.
As an important part of your financial plan insurance provides peace of mind for any uncertainties in life.
1. Life insurance correctly planned will on premature death provide funds to deal with monies due, mortgages, and living expenses. It offers protection to the family you leave behind and serves as a cash resource.
2. It secures your hard earned estate on death by providing tax free cash which can be utilized to pay estate and death duties and to tide over business and personal expenses.
3. Life insurance can have a savings or pension component that provides for you during retirement.
4. Some policies have riders like coverage of critical illness or term insurance for the children or spouse. There are certain rules regarding eligibility for riders which you will need to determine clearly.
5. Having a valid insurance policy is considered as financial assets which improves your credit rating when you need health insurance or a home loan or business loan.
6. In case of bankruptcy, the cash value as well as death benefits of an insurance policy is exempt from creditors.
7. Life insurance can be planned such that it will cover even your funeral expenses.
8. Term life insurance has double benefits, it protects and you can get your money back during strategic points in your life.
9. Insurance protects your business from financial loss or any liabilities in case a business partner dies.
10. It can contribute towards maintaining a family's life style when one contributing partner suddenly dies.
Insurance is vital to good financial planning and security but you would need to assess your personal risk and long term commitments. Insurance stands a person in good stead throughout life and can be used in case of emergencies during a life time by requesting a withdrawal or loan.
About the author:
Paul Wilson is a freelance writer for http://www.1888Insurancequote.com/ , the premier website to find insurance quotes including health insurance, home insurance, auto insurance, life insurance, travel insurance, medical insurance, insurance company's reports and more. His article profile can be found at the premier Insurance Article Submission Directory http://www.1888Articles.com/insurance-articles-41_4.html
|
|
|
|
|
|
|
