When is the last time you drove 90 miles per hour on the highway without your seatbelt fastened? If your response is “never” or “in my teen years”, then you are already thinking along the lines of ensuring that you practice secured living. For secured living one understands the risks of conducting or participating in certain activities, yet, ensures that good practices and precautions are put into place as a form of safety net for oneself and/or loved ones. One such type of safety net is obtaining a life insurance policy.
Life insurance is not just for the wealthy Belizean, rather, it is a smart financial decision especially after having taken into consideration the future of your family in such quickly changing times. Here are 3 reasons why our RealFin advisors think you should get life insurance:
- Coverage for Chronic and Terminal Illnesses
Chronic and terminal illnesses are not only devastating but can pose serious financial implications on an entire family, thus highlighting the need to plan for the uncertainties of the future. Managing a chronic condition can require additional checkups, medication and supplies, eventually, all these costs add up. A good life insurance coverage provides access to funds to reduce your risk of depleting your savings and assets to pay for the accumulating costs associated with your illness.
- Life insurance covers final expenses
Life insurance can cover your final expenses such as legal and funeral costs, among others, that are not commonly covered by your health insurance. The bill for a person’s final expenses is unavoidable so having life insurance provides your loved ones with secure, usually tax free money, so that they are not left with an accumulation of bills in your absence.
- Financial protection for your family
Life insurance can help provide a peace of mind that your family will have some financial protection upon your passing. It is the perfect safety net! If someone relies on your income to cover monthly bills and day-to-day expenses or you have debt, you need life insurance. Losing someone is a huge loss, and the last thing on anyone’s mind is the finances. A life insurance policy can serve as an inheritance to pass on to your children by naming them as beneficiaries. Do you have a loan? Life insurance also ensures that the burden of your loan payments doesn’t fall on your children or your partner in your absence.
Life is fast and uncertain so a life insurance coverage can help your family feel secure even after you are not with them. It is an important financial safety net that comes in different forms and is more affordable than you think! RealFin cares about you and your family! Consult with our advisors today to find out which coverage plan suits you.
RealFin adheres to a strict editorial integrity policy; this post may contain references to our services and information from our partners and other sources