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Why do you need to insure your own life?

The purpose of life insurance is to protect your loved ones from financial threats. It is the beneficiaries who receive the money upon the occurrence of an insured event. If you do not have children, probably no one depends on your financial situation, writes Business Insider.
Why do you need to insure your own life?

The life insurance product line is wide today. It includes endowment, investment insurance, travel insurance, sportsmen insurance, the programs with and without a risk component, and programs with extra services (telemedicine, check-ups). Credit and investment insurance are the most popular types of personal insurance. They show significant growth compared to last year and have a fairly large potential for growth.

"I am 30 years old, married, but we don’t have children yet. Me and my husband work, we have a good income, and each of us has insured our lives. It is a term insurance, and we are beneficiaries of each other. As a result, we were able to take an inexpensive mortgage,” says the heroine of the Business Insider article. If something happens to one of the spouses, the other will receive $500 thousand. The monthly premium on such a policy is $26.

The experts recommend to insure spouse’s life if one of them earns much more. “As a rule, when a person works hard, he cannot do household chores. This means that this work will fall on the other spouse and if he passes, the person will hire a housekeeper. These expenses as well as financial shortage in case of breadwinner passing are compensated by the insurance company, says the Business Insider.

Source: https://www.businessinsider.com/personal-finance/why-have-life-insurance-dont-have-kids-2020-6

Photos are from open sources.

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