Are you the bread winner of your family? Then a life insurance cover is something that you must have in order to protect your family against any unforeseen and unexpected circumstances. It serves as an income replacement or protection just in case your income generating capacity is gone or lost either by accident that results to permanent disabilities or worse, death.
Anything that is precious must be insured and you are your family?s greatest asset and most precious possession, and a life insurance policy can provide for them if you die.
You can?t rely on the government to take care of your family; neither can you rely on your relatives. Hence, if you want to provide for your family financially if you die, life insurance is a must.
The main advantage of having life insurance is that your family is protected financially when you are not around. For example, if you are in debt or have a bond in your name, having life cover means that those debts will be covered should you pass away.
Why should you buy life cover?
The purpose of life insurance is to provide financial assistance to your beneficiaries. Some life insurance plans may have different features but the real purpose of life insurance is simply to provide your family financial assistance in case you lose your income generating capacity.
Many families experience stress both emotionally and financially once their bread winner dies or gets disabled, but a life insurance plan is a hedge or protection against such life events.
Life is very uncertain and you never know what will happen, however, you can prepare against its uncertainties by anticipating what could happen, accidents and death are certain, you just don?t know when. Taking out a family life insurance can help solve these problems. Before taking out insurance, you would want to compare life insurance policies and when doing so consider comparing family covers. Not only will you be able to make a better deal and get better cover but also drastically save on the premiums, compared to what you would pay if you were to take individual policies. A family life insurance will cover all the family members.
Benefits of getting a life cover
Benefits of having a life insurance policy is that if you end up in financial trouble for whatever reason, there are ways that you can secure a loan against your life insurance policy.
If you are paying off your house and something happened to you suddenly, a life insurance policy would ensure that your family doesn?t get saddled with additional debts or losing everything you have worked so hard for. They also won?t have to worry about paying for your funeral or any related expenses and can grieve without the added stress. Buying a life cover policy is a simple way of ensuring that your family is well cared for when you are no longer around.
A life cover or life insurance policy will pay an amount of cash to your beneficiaries in the event of your death from natural or accidental causes.
Most families don?t have the capital to settle huge amounts of outstanding debt without warning; a life cover policy will ensure that your family won?t struggle financially when you are no longer around. If you do not have a house already, getting a life cover policy will enhance your chances of getting finance from your bank when you apply for a home loan because you already have collateral.
Source: http://www.vanguardngr.com/2013/07/protect-your-family-with-a-life-insurance-cover/
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