Why You Need Life Insurance

11 July 2012 22:00 - Lucy Williams

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Why You Need Life Insurance

Life insurance is important so that you can continue to live your life happily and without worry. Life insurance guarantees that after your death your dependants (your family, spouse and children) are financially stable. After your death your family will be facing a tricky time and to then be left with expenses and payments they canít deal with will only make matters worse. If you are the sole or main breadwinner in your household life insurance is essential if you want to ensure that your family is protected and stable in the event of your death.

Life insurance policies vary so it is important that you compare each aspect of a policy and make sure that what you are getting is the right type of life insurance for you. There are two main types of life insurance, these being term insurance and whole-of-life insurance. In most cases whole-of-life insurance is more costly however this option may be safer as the policy pays out whenever you die as opposed to an agreed term.

Life insurance can be used to fund a funeral which is a costly affair and additionally used to settle any ongoing or previous debts you may have had. It is important to consider life insurance so that your family is taken care of after you are no longer around but make sure you take time to research land compare various life insurance policies so you get what is best for you.


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