Importance of Life Insurance

Sat, Jan 24, 2009

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We know that most of us have Life Insurance because it is important. Now, is it really beneficial to us or not? What is life insurance, anyway?

Life Insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay  money upon the occurrence of the insured individual’s or individuals’ death or other event, such as terminal illness or critical illness.

In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium.

Now, why we need to have  a life insurance? If you have family or love ones who depends on you, what will happen to them if you are gone? Especially if you have little children, it is hard to leave them behind without giving any help to them. I know it’s not good to think about our death but it is important to think of what will happen to the people we love most when we are out of breath.

Think of your children who are still schooling and needs financial support. What will happen to them if you are no longer in this world? Will they finish college? Can they still eat nutritious food? Can they pay the bills? Can they support themselves? I guess, they can’t unless they are big enough to handle their selves but what if they can’t? You can’t afford to leave them just like that right?

So, life insurance is very important to you and to the people you love. Both of you will get benefits to it.

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ritz - who has written 421 posts on Ritzchelle.com.


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