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When do you need life insurance?

Financial advisors often offer life insurance services. People insure themselves when they have to, for example, when taking out a mortgage. But choosing insurance should be as careful as choosing an apartment, job or school for children. Agweek is getting onto different life insurance programs.
When do you need life insurance?

Risk life insurance and its features

In risk insurance, payment is made in case of insured event.

Many things can be an insured event: disability, injury, illness. This is when support is so important. This support is provided by insurance payments. With this money, you can take a time out, get cured, and provide your family with a decent standard of living during disability.

Therefore, risk insurance is suitable not only for those whose life is connected with a dangerous profession or extreme hobbies, but also for ordinary people who take a responsible approach to the future of their family.


Endowment programs combine the processes of creating savings and insurance coverage, may be said that this is an upgrade of risk insurance, cocktail two in one. It combines payments at the occurrence of the insurance event and fund accumulation, like a piggy bank or a bank deposit, only cooler. Why? Let us get into the matter.

There is such a concept as survival in endowment insurance. This is when you have lived to a certain age and nothing has happened to you, the best outcome insurance. And although the word “survival” does not sound very good, it has a very pleasant meaning. It's cool to get paid just for being in good health and secure a stable future for yourself.

There are also cons, for example, insurance premiums and return are not insured. However, if your insurance company goes bankrupt, you will still get your money, since any insurance company has a reinsurer company. It is necessary to responsibly approach the choice of an insurance company and carefully study the contract.

The endowment life insurance contract is concluded from 5 to 40 years or more. The sooner you conclude it, the better.

Investment insurance

Another type of life insurance is investment. This is an opportunity for a high return on investment and insurance coverage. There is no warranty in UL. Only the invested amount will be returned 100%, the rest depends on the situation on the stock market. The insurance premium is divided into two parts. One part earns, the second lies and waits for an insured event.

You will not only secure a stable future for yourself and your family, but you can also earn money, if, of course, the market situation is in your favor. In order not to fail and be left without funds, there is always a stable insurance part.

Retirement annuity

Retirement annuity is the most effective tool for planning your retirement, a classic scheme for receiving a pension. We deduct from 5 to 20% of wages towards our future pension every month, and we receive the accumulated money only when we go on a well-deserved rest. The pension plan should be developed in the first working month, then the payments to the insurer will be low and pension will be high.


Photos are from open sources.  

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