Life is unpredictable and anyone who has people depending on them needs to consider life insurance. It is never easy to discuss and a subject most avoid. It could be the most important financial product you ever buy and failing to put the proper protection in place for your loved ones is irresponsible. There is a chance you will not need your insurance, but if something was to happen, you certainly don’t want to leave your family vulnerable.
What is life insurance?
Life insurance is an agreement between you and your insurer that, in the event of your death within the length of your policy, a cash some will be paid to those closest to you. Nothing matters more and, although the loss will be devastating, life insurance will remove the financial burden placed on your family. If you have a partner and children, you both should seriously consider taking out life insurance, regardless if you are both working. If one of you is at home caring for the children all day, insurance will help you through a difficult time while you consider your next move.
What is term insurance?
We are vulnerable to accidents and serious illness and there is always a chance something could happen. Term insurance only pays out an agreed sum if the policyholder dies within the specified period of time. The ‘term’ is the length of time the insurance is valid and most policies usually run for 10 to 25 years. When the term expires, the contract simply terminates and there is no refunds, payouts or final payments.
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