Family with children
First of all, when it comes to the need for the life insurance, we think, of course, about the children who need to be raised, provided with proper education and comfortable living conditions. The family, in which both spouses work, can cover all expenses with their earnings. But what if one of the spouses suddenly becomes seriously ill or dies due to an accident? Will the family have the same wealth? Will it be able to implement the plans for the future? Life insurance helps to protect the family’s goals and realize what has been planned even if the life circumstances have changed.
Many people mistakenly believe that there is no need to insure their lives while the family has no children. Still, the spouses have common obligations in addition to the common income. If one of the spouses is injured due to an accident and unable to work, the second spouse will have to cover not only the expenses for the sick spouse’s treatment and care, but also payments on loans and current expenses. Life insurance allows solving financial problems in difficult life situations related to the loss of health.
When there is only one parent in a family, the entire burden of responsibility for the present and future of children is carried by him or her in full. It means that a financial safety bag is necessary for the event of difficult health situations. The life insurance policy allows preserving the family well-being in the event of health loss by the breadwinner and taking care of the family’s future under any circumstances.
A housewife has no salary, but it does not mean that she makes no financial contribution to the family’s income. Childcare, cooking, house cleaning and other household chores are often underestimated by relatives and seem to be not important. The Alljoinon international organization, which studies women’s wealth, has calculated that housewives would receive about 40 thousand dollars per year if this work was paid for. And if something happens to her health, will the spouse be able to pay not only for her treatment, but also for the household services? With the life insurance, the family will be able to maintain the level of its life in any situation.
Family with grown-up and independent children
Years later, when the children have grown up and loans are paid back, it may seem that life insurance is no longer needed. However, there is still a reason to think whether pension and other savings are enough to maintain the previous standard of living, will the relatives’ help be needed? Life insurance allows removing the burden of responsibility from the children’s shoulders, getting an additional pension and restoring health in the event of unforeseen circumstances.
Single people often think that if they have no relatives who are financially dependent on them, there is no need to open a life insurance program. However, an accident or disease can happen to any person, and some time will be needed for treatment and rehabilitation. Whose help can be expected in such a situation? The insurance company will pay an amount allowing to receive high-quality treatment and maintain proper standard of living during the period of incapacity.
So, we see that life insurance is necessary for everyone. After all, this is an opportunity to take care of yourself and your loved ones having done everything to make the life safe and comfortable. The insurance makes you confident in the future and financially protected from everything happening in the life.