LIFE AND HEALTH INSURANCE
Life insurance is one of the most important financial instruments you will ever own. The real purpose of life insurance is to protect the family against premature death. It works by substituting income after the departure of the insured.
If you have others depending on you, you need that supplement earning power, if you have significant financial obligations such as a mortgage or other long term loans, you need that supplemental earning power, and if your dependants would have increased expenses such as child care, etc, after your departure, you definitely need that supplemental earning power.
Term insurance is the purest form of insurance that provides death protection which is the basic premise of “life” insurance. So ensure that you as a minimum have term insurance which is relatively inexpensive. The reality for some people is that in the formative years of life, we have young children, high debt and mortgage, while as life changes and we age, we have grown children, lower debt and a paid mortgage.
We most need life insurance in the formative years when the departure of the bread winner is most devastating rather than when life changes and disposable income is more available and investments have matured. In other words, we need life insurance in the formative years when we are harder pressed for disposable cash.
The best financial plan in the world can fall apart or be derailed if illness causes us to incur unexpected costs. Medical insurance is an excellent tool to protect you and the family against such occurrences. A group medical insurance spreads the risks among the subscribers and therefore each member has better benefits, lower premiums and in most cases, the medical requirements on signup are less onerous.
Find a trusted insurance agent to advise you on your insurance needs, but be aware that there are some expensive gimmicks out there.
Your life is your greatest asset, and life and medical insurance will improve the security of your best asset, you.
Are you covered?
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Hear with your ears.
Financially Fit
