Yes, it is depressing to think about the end of your life, but we do need to consider the fact that our family needs to be financially secure should something happen to us, and the best way of doing that is by taking out life insurance. Read this article to learn more about the best whole life insurance policy quotes online for free.
Image Source Google
What type of cover do I need?
How high your life insurance policy cover should depend on your situation, whether you are single, married, married with young children, married with older children, retired, etc.
Generally speaking, to get an estimate of how high your cover should be, you should multiply your annual income by seven or eight.
Final expenses and emergency funds
Significant medical costs, funeral, and legal expenses can be astronomical and to make sure that your loved ones are able to cope with these costs, especially in their time of distress, a life insurance policy is a good idea.
Also, any unexpected costs such as sudden home or vehicle repairs can be financed through life insurance via an emergency fund.
When you pass away, your income falls away, and you need to provide a replacement so that your family is taken care of financially, to enable them to pay the monthly costs such as groceries, water and lights, medical aid, clothing, and school fees. Life insurance is a fantastic option for that.
Life insurance for disability
Not only is life insurance important in the event you pass away, but it is also a way to ensure that you and your family have enough money to maintain your lifestyle should you suffer a serious injury, fall critically ill or become permanently disabled.