One of the best ways to save is to invest and "Insurance" has been proven to be one of the bests that guarantees a genuine reward for your investment.
This article will explain the meaning of insurance, importance and why people do insurance.
What is Insurance:
Insurance means to protect against loss. It's a an agreement by the Insurance company (Insurer) to compensate the insured against loss.
What is life Insurance?
Life insurance is an agreement between the "Insurer" - person who seek Insurance and the "Insured" - the insurance company - it thus cover the life of the latter. It offers financial aid in case of the death of the policyholder during the term of the policy, to the beneficiary. This is why having a life cover is a must for every earning individual.
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| Here is how you smile when you are insured | image credit: Getty image |
Having life Insurance should be embraced by people, especially the working class. No one can tell what tomorrow holds in store, hence need be for Insurance to hold what comes forth.
Why you need life Insurance in UK, US, Nigeria, China:
Across the US, the UK, and other developed Countries, Life Insurance has been top on the Citizens' bucket list. While most African Countries are on a low rage in embracing Insurance, though the Elites among them are into Insurance.
But, the Insurance ought to be embraced by everyone. These are reasons why it should be top on your list:
- For Health care: As we all know that getting sick is really expensive, especially in the United States, United Kingdom, Philippines and almost all African Countries. With the World filled with many Viruses, sickness and other mental issues, taking some critical illness, like stroke, ulcer, cancer, and others as case study, the medications required and medical bills of those illnesses cost a lot.
- For medical treatment: with all the illness list above, Will savings and salary be enough to cover those? I guess no for the low income earners. But If yes, then that is good for you. If not, then where will you get the money? Are you ready to sell your hard-earned properties like house, cars and sacrificed your dream to travel? I guess not right? So that is where life Insurance comes in.
Here is how insurance policy works:
With life Insurance, they will give you the money when you will be diagnosed with a critical illness that would help your medications.
Research has shown that while some developed Countries have some structures created by their Government on some sickness, most African Countries are used to selling off their properties to pay medical bills.
Here are some of the reasons why people Invest in Life Insurance:
- Backup Plan: Health is wealth indeed, and buying a life Insurance is one of the most important financial decisions you can have as a backup plan to fall back on.
- Life savings: Chances of you getting your life Insurance later is not promised because uncertainties are part of our day to day life. You may be healthy now but the chances of you being healthy tomorrow is not guaranteed, only God has that. Once you get ill, the chances of you being insured are dropped to 0%.
- Affordability: Also, the younger you buy, the cheaper your life insurance - With your younger age and a healthier you, higher chances of you receiving an approval for your insurance application is within your reach. Doing life insurance at old Age does not hold benefit.
- Peace of Mind: With life insurance, you secured a peace of mind - Eventhough sickness, illness, injury, accident, and death happen to you, you have this assurance that you and your family will be financially supported. With the help of life insurance, daily worries of "what ifs" in your life is minimized and even put to rest. Your mind will be calm to some extent.
- Supplementary Retirement Goals: Having a happy retirement is the primary desire of all workers. Everyone wants to have a happy and adequate retirement funds. While building your dream retirement funds, you have the financial security should uncertatin events happen in your life.
To clear doubt, investing in life insurance should not be perceived as a burden but rather a necessity. Protecting you and your family from any risks that might happen is an indication of what's important to you and what you love the most.
In life, there is no better thing than having a peace of mind, knowing that whatever life throws at you, you still have a better situation to fall back on.
What are you still waiting for? Make life Insurance top on your bocket list today. Life Insurance is one of the most important pillars of security for your loved ones, should an unfortunate fate befalls you.
Importance of Life Assurance:
With a Life Insurance policy, not only do you secure your future, but you also ensure your family is taken care of after, in the event of a tragedy coming your way. Your life Insurance policy can give your family choices by providing the benefits to help fund your Family bills, fund your Children's college Education, debts, to help meet housing payments and ongoing living expenses.
Also, It becomes a replacement income for your dependents and in certain cases, it also create a source of saving. Upon your death, your family can be assured that the amount you’ve chosen, whether it is a few thousands, several hundreds of thousands of Dollars, or maybe even Millions or Billions— you can benefit almost immediately.
With Life Insurance, the smile will always reflect on your face, as you secured your uncertain future.