Life insurance provides for your family if you unexpectedly die. This is especially important if your family is dependent on your salary, if you have a Mortgage that you are paying for and any outstanding debts. A Term Life policy covers you for a set amount of time.
A Whole Life Insurance Plan covers you up to 99 years of age. They are different from ordinary insurance policies which have a defined term, and are useful when you have financial dependents for a relatively long period. You can apply for both.
Critical illness cover provides a lump sum payout on the diagnosis of a wide range of serious health-related conditions. This lump sum payout is given on diagnosis only. Hence, there is no need to submit bills and patiently wait for claims after undergoing treatment. Also, you could be paid for the time spent with accidents and emergencies.
Down with a health issue such as a major/critical illness, there is a high chance you will not be able to earn income during the treatment/recuperation period. But your family’s financial needs will remain even if you are sick. Also, after 3 years certain policies build a cash value fund.
Life insurance has more of a purpose than financial coverage when you pass away.
Knowing your loved ones and family will be able to continue financially can alleviate the stress and anxiety you may have around this subject. For those who are entitled to a death benefit, life insurance can help increase the amount of money your family would have when you pass away. A cheaper option than trying to accrue additional savings for your family.
All Rights Reserved © 2022 Union Life Insurance LLC