22/07/2022
Why you need LIFE INSURANCE
In your 30s, you might find yourself buying a house, getting married, or starting a family. You have plenty of financial responsibilities, and you likely have people who depend on you financially. If you were to pass away, your loved ones might not be able to pay the bills without your income.
However, you can financially protect your family from your death if you have life insurance. When you buy a policy, you enter into a contract with a life insurance company. You pay a monthly or annual premium to the company in return for a payout to your beneficiaries (the “death benefit”) if you die while your contract is in place.
The proceeds from a life insurance policy can be used by those persons you name as your beneficiary(ies), who may be your partner, kids, designated guardians or even your parents – to help pay for a variety of expenses, including the following:
Mortgage or rent
Child care costs
Groceries
Utilities, transportation and other regular expenses
Medical bills
Other insurance policy premiums
Think of your policy as a lifeline for your loved ones. Without it, your family likely would struggle financially.
