Life insurance lifts the financial burdens off of you and your loved ones when you face total and permanent disability or terminal illness. It also covers you when you pass on.
With so many different types of life insurance policies available out there, it is vital to distinguish between them and choose the policy that fits you best. You can have a look here to get a clearer understanding about the differences between whole life and term life insurance.
Is there an optimal time to purchase life insurance?
It is best if you purchase a life insurance policy at a younger age because premiums are typically more affordable. Besides that, here is a list of other signs that it is the best time to purchase life insurance.
1. You have unpaid debts
Many of us had to take up home loans, and we are still working hard to repay them. However, when unforeseen circumstances happen, it will be challenging to juggle additional expenses on top of repaying debts.
Life Insurance can help protect you and your loved ones by covering for your house mortgage and/or any other debts you have incurred. With life insurance, you can be more certain that your family's inheritance and home will not be adversely affected by debts. You can also go on with your life without having to worry about what happens to you in the future.
Manulife's ManuProtect Decreasing (II) is a term plan that provides you the flexibility to select your policy term and interest rate, allowing you to ensure that the policy fits your needs exactly. Additionally, this plan can cover your mortgage if you face terminal illness or even death, allowing you to better protect your family.
2. You are the main source of income in the family
Being the family's breadwinner means that your loved ones are heavily reliant on your income. If something were to happen to you and you lose your income, then their lives may be adversely affected.
There are life insurance policies that can also provide retrenchment benefits in case you have to face retrenchment. Manulife offers LifeReady Plus (II), a policy that can waive off 6 months of your premium and still continue to provide coverage nonetheless.
3. There will be a child joining your family soon
We would naturally want to provide the most that we can for the children in our families - after all, they are such a blessing to have! Through life insurance, you can have the financial burdens of unfortunate circumstances lifted off your shoulders, especially with the knowledge that these children can be protected despite these unforeseen circumstances.
All that said, is life insurance worth buying?
Time, wealth and health are all important but fragile aspects of our lives. As we go through our lives with our loved ones, spending time with them and treasuring every moment we get, we want to avoid having to think about the "what ifs" of ailments and accidents. Enjoy a greater peace of mind with life insurance, and enjoy these precious moments with your family.
If you have any questions about life insurance, feel free to contact me at 97901583.
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