19 Nov Peace of Mind Policy: The Importance of Life Insurance
Investing in the financial security of those you love through a life insurance policy is one of the best decisions you can ever make. As humans, we cannot control the weather, the traffic, or certain aspects of our health. If you’re not here tomorrow, who will take care of those who depend on you today? This is a big-picture question that tends to take a backseat in our busy lives but really should be on the top of your priority list.
As part of our credit-boosting services to set clients up for financial stability, we can’t emphasize the importance of life insurance enough. Alarmingly, only 10% of South Africans have a life insurance policy in place. This could be due to a lack of affordability or because there simply isn’t enough awareness about it. There are insurance options out there to suit different budgets, and some are flexible and can change along with your circumstances.
Life Insurance comes in different shapes and sizes
It is beneficial to educate yourself on the importance of life insurance and the different options available. For example, did you know that waiting to fall ill or until you are over a certain age (usually 65 and older) means you could be denied life insurance? The same goes for people who fall into high-risk categories, from a dangerous occupancy to having a history of drug use. The younger and healthier you are when you apply, the better.
Choosing the correct life insurance is fundamental to making the best investment. It isn’t the kind of decision you can make easily and usually requires an individual to compare multiple quotes. At Credit Boost, we connect with you and take the time to understand your finances and what your dependents would require if you passed away. We also consider your risk factors, your budget, and your age to find you a life insurance policy that is exactly aligned with your needs. Life insurance comes in different packages and our expertise helps us get you on the right plan.
Term Life Insurance covers you for a specified time period and includes an increased premium rate when renewed. Whole Life Insurance ensures that you are covered for your entire life, which is a more popular opinion. Universal Life Insurance is similar to Whole Life Insurance, and beneficial because of the interest on the sum that is placed in an investment account. Other options include Critical Illness Insurance, Disability Insurance, and Funeral Insurance.
The best time to get life insurance is now. If your death will leave a financial impact on your loved ones, life insurance provides peace of mind for the unforeseeable. With the right plan in place, your debts can be taken care of and your family can be granted a financial payout that will keep them comfortable and taken care of no matter what comes.