In one of the financial stewardship class I’ve attended a few years ago, the speaker mentioned that it’s important to get a life insurance. This will enable you to leave a legacy to your loved one when you move on to the next great adventure.
For some people, however, they said that life insurance or any type of insurance is not for them. A friend of the family said that she could put the money into good use in their business. Others shy away from insurance because of the additional cost that won’t benefit them.
So.. what is life insurance? Do we really need it or not? While scouting the web, google pointed me to a website where it explained to me what life insurance is. In short, it explained that life insurance is a financial instrument that is based on caring and love. (Sounds cheesy!) However, it goes beyond that as the website provide educational video to assist you in understanding more about life insurance.
There are different types of life insurance such as term life insurance, whole life insurance, universal life insurance, return of premium life insurance and survivorship life insurance. For me, I’ve already purchased a whole life insurance which they considered as the most common.
Still undecided or confused? Here’s what I’ve learned so far with my life insurance. First, get an insurance while you’re still young as premiums are lower. Second, pay your premium annually not quarterly as annual payments are cheaper. Save what you have to pay annually every month and you’ll earn the interest in the bank albeit small. Third, it’s an investment in the future. I took a life insurance with endowment fund which will give me money every two years after my fourth year. What are you waiting for then? Get a life insurance quote now! The clock is ticking..