Death and disease is something we avoid talking about, especially when we are young and able-bodied because we think we are invincible at that point. However, once you settle down and have a family of your own, you need to start thinking about all the possibilities. Right now they have a roof over their head and are able to afford all the luxuries they can afford because of you but once you leave this world, they will be left to fend for themselves.
It is because of reasons like this that you have to consider other options like life insurance to protect your family. In case you are skeptical, you can read through the following pros and cons.
Life insurance will mean that you get to take care of your family even after you are no longer in this world. The sum the beneficiaries will receive will depend on the policy you have chosen, a quality life insurance company will make sure your family is able to sustain itself.
If you do not want to pay your entire lifetime for your insurance, you can opt for term insurance which will depend on the condition of the insurance like being covered till your mortgage is paid off or your child has gone to college.
It serves more as a means of protection for the worst possible scenario and good quality life insurance can guarantee a better life for your loved ones more than any other means.
Life insurance is expensive and paying premium every month can become a difficult task if you are already struggling to make ends meet. Whole insurance is even more expensive than term insurance.
The money you invest in lifesavings has a relatively slower interest rate than investing in anywhere else like the stock market etc.