Life Insurance - Be in it for the long haul
Have you ever considered life insurance?
We mean, really considered it? Mostly it seems to be a product that’s intended for the older and more settled generation, but really, it prepares you for any outcome that life’s journey has to offer, and is important to the lives of those you leave behind.
That’s why you need to be in for the long haul. Why the long haul? Because when your budget tightens and your wallet gets a little lighter, you’ll look for ways to cut down. More often than not life insurance is one of the first on the list to go.
Here’s why you should keep your life insurance:
Without it you are left wide open to the range of financial risks from which your life policy was meant to protect you – and your loved ones.
Even if your life policy has a savings component, you might not get anything out because life insurance companies must cover all the initial administrative costs, etc.
The cost of life insurance is linked to your age so the longer you wait and the older you get before taking out a policy, the more you can expect to pay on your monthly premiums.
What effect will this have on your loved ones? Will they have to cover the costs on your outstanding loans and accounts etc? Will it affect their living standards? You want to know that if something happens to you, those left behind are not financially burdened.
In short, this is one area of cover that you shouldn’t risk. If you are desperately looking for ways to cut-back on your monthly expenses rather look for other ways to cut down on your monthly expenses and don’t cancel your life insurance!