One of the most expensive and inevitable things to pay in anyone’s lifetime is hospital bills and medicines. Sickness, or if diagnosed with a critical illness, will not just hurt us physically but also financially. But what if you could prepare for it?
Life insurance is the key. It is a system designed to protect us against any financial crisis. When you are covered, you or your family will get an amount of money when something happens like sudden death, being hospitalized, having a grave illness, or had an accident.
On the brighter side, it could help you fund your child’s education, buy your dream home or car, fund your retirement years, and fulfill your life milestones- wedding, travel, and business.
To get to know more about its uses, look at the five benefits of life insurance in general.
1. Enjoy financial freedom and peace of mind.
Because you prepared or bought life insurance while you were young, you could harvest the number 1 purpose of it. Financial freedom is being able to enjoy your hard-earned money to the things you like to buy or spend it with.
You will not be trapped with countless bills because of unforeseen bad events. You will not be forced to sell your precious assets—smartphone, laptop, jewelry, house, or car to finance your treatment or other life uncertainty. This will make you calm when you sleep.
2. Having money intended for financial loss.
When you’re a breadwinner single mother, who will finance your child’s living if you died? It’s still you! Will your income die together with you? Fortunately, here enters your life insurance. The insurance company will give a check to your family.
Because the amount will range tens of thousands to a hundred thousand, your family will still be able to pay for their daily expenses for the next ten years. You are assured that your child will still graduate, even if you are not around.