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6 Reasons to Buy Personal Insurance Protecting yourself against the uncertainties of life is a sound investment decision. Purchasing personal insurance can guarantee that you and your family will continue living your current lifestyle. Having personal insurance can enable your family to take of their needs. Insurance may be structured to cover things like repayment of debts upon disability or death, protection against loss of income, and financial help for dependents. Here are 6 reasons why it may be wise to invest in personal insurance.
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Life is unpredictable. Nobody knows what’s going to happen in the future. Even if you’re as fit as a fiddle and your loved ones’ health history is perfect, you can’t tell how long you’re going to live. Dying too soon whether through an auto accident, heart attack, cancer or other calamity will emotionally and financially affect your family. Thinking that these things can never happen to you and not preparing for them can be a huge gamble on your family’s future.
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Life insurance provides your family with financial assistance. Life insurance is designed for the living, rather than the dead. If you pass away today, your family will lose your earnings. This could mean that your husband/wife would have to look for a second job, leave your home, and give up your current lifestyle. Your family’s life might change forever after your death. But if you’ve got life insurance, you may spare them from more problems. Life insurance is vital when you have major debts, for example a mortgage. If you depend on your income to repay the loan, life insurance will ensure that your family doesn’t lose the assets you’ve strived hard to acquire. If your family house is on the line, life insurance can lower the emotional and financial strain they could get from debts they’re not able to pay. If you are terminally sick, you won’t spend your final days on earth worrying about your loved ones, and lamenting your failure to invest in life insurance. Life insurance can be used to paid back your debts. Otherwise, your family will likely have to pay it back. After you pass on, your spouse could get disabled and therefore be unable to continue working. Your husband/wife, who could be caring for your kids, may get injured or suffer a disability after your death. They then would be unable to provide your family with financial support. As your partner is a single parent, they don’t have anyone to support them should they become disabled. Life insurance will cover your funeral expenses. Funerals are quite expensive. However, if you’ve invested in life insurance, it’ll sort out your burial and funeral costs, sparing your family from added financial hardship.