If you realize that someone in the family will suffer as a result of your passing, life insurance is necessary. It applies not only to the main breadwinner of the family who earns the most. Housewives are often convinced that their role in the financial well-being of the family is insignificant, but do not forget that childcare and housekeeping have their price.
Endowment implies insurance payments to the insured person in case of injury or critical illness. The insurance policy also indicates the beneficiaries who receive payments in the event of the insured person’s decease; it can also be minors.
Calculate the amount of your children's upcoming financial needs to help you decide which life insurance to buy. See how much money you need to pay off your mortgage and other debts, think about your family's running costs and the number of years you would like to cover with the insurance sum. Add long-term expenses such as college tuition or the cost of a child's future wedding. When choosing a life insurance term, choose one that lasts until the youngest child graduates from college or university.
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