Having discussed a paramount concern, we now move to the subject of true, in depth understanding. What is it that you need to know about life insurance? What is there for you to know? Through our take on these questions, we try to leave you far more aware, and educated on the topic than you were when you came here.
Loosely phrased, life insurance can be named a process that leads you toward getting rid of financial dependency and coming up with a backup plan, that will hold you up in times of need. It is simply a means to ensuring the safety of your family, leaving them well placed in the world, and sheltering them, in the contemporary compass of your life, for them to enjoy a hassle free, taken care of existence once you are no more.
It can be thought of, in an unorthodox manner, as a savings account, minus the saving. An illustrative example is as follows: suppose a bank provides you with a savings account, that holds $30,000 worth of your future funeral expenses. All that they ask of you is to pay them $70 monthly, to secure the money in the bank. Upon your death, the entire amount would be released to your family, which is precisely how a life insurance policy works. What percentage of it you have paid to the bank upon your death is of no connsequence – your family would still get the same amount. (Take note of the fact that rounding off to $40,000, merely through saving $70 a month, would otherwise take you approximately 47 years).
For some cases, e.g. the unfortunate incident of a terminal illness, a couple of insurance companies would facilitate you by covering 90% of your death benefit, aligned with whichever policy you have aimed for. This amount would look after your medical bills, relieving a lot of the burden.
Patients that retained a terminal illness had amassed bills of upto $32,000, as per a finding analyzed by Arcadia Healthcare Solutions. The National Funeral Director’s Association, similarly, provided a figure on the average funeral cost in merely the year 2017 – which reached up to $8,755.
Life Insurance policies are a must have in these harsh times, and when you possess the means to secure your future – why wouldn’t you? Secure your legacy, with top notch life insurance companies and the variety of policies that they offer, to protect your family, and relieve any burdens you may face.