Life insurance is usually purchased for a number of reasons. The main
one of these reasons being the death of the person who is earning the
main wage for a household. In these times of hardship and financial distress, these policies provide comfort and relief.
Such life insurance policies are offered by some employers as perks to employees and government employers offer group insurance at no cost to employees. If employees wish to gain further features from their employer's insurance company, they can avail these at reduced costs.
A well established life insurance plan will cover more than just the costs that occur after the issuer's death that is more than just the loss of his /her income. These can include funeral costs – especially if the death was unexpected, child care costs and so on. Besides these immediate costs – the plan should also cover anticipated, future costs like college education for your children and/or part or all of your spouse's retirement needs. Usually, in almost all cases, the beneficiary or the families of those issuing the policy, can use these cash payments however they see fit without any restrictions or problems from the insurance company.
If there is someone who will have to suffer any financial hardship after your death, then you need life insurance. Families with younger children have a clear need for life insurance. If one happens to be the sole earner for one's family, one's death could cause a lot of financial distress to the family. Even households with two earners require insurance - for the loss of one income would create an economic setback and make it harder to realize future goals.
Such life insurance policies are offered by some employers as perks to employees and government employers offer group insurance at no cost to employees. If employees wish to gain further features from their employer's insurance company, they can avail these at reduced costs.
A well established life insurance plan will cover more than just the costs that occur after the issuer's death that is more than just the loss of his /her income. These can include funeral costs – especially if the death was unexpected, child care costs and so on. Besides these immediate costs – the plan should also cover anticipated, future costs like college education for your children and/or part or all of your spouse's retirement needs. Usually, in almost all cases, the beneficiary or the families of those issuing the policy, can use these cash payments however they see fit without any restrictions or problems from the insurance company.
If there is someone who will have to suffer any financial hardship after your death, then you need life insurance. Families with younger children have a clear need for life insurance. If one happens to be the sole earner for one's family, one's death could cause a lot of financial distress to the family. Even households with two earners require insurance - for the loss of one income would create an economic setback and make it harder to realize future goals.
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