Life Insurance - The Basics
Life insurance is purchased in order for you're dependents to be
looked after financially in case of you're death. If you are
single and have no dependents, it would probably be wise not to
waste you're money on life insurance, and use it to enjoy you're
time alive. However, if you do have dependents, life insurance
is a very wise investment.
The death of a spouse or parent can have devastating economic
effects on a family. While many people think that only the top
earner of the house hold needs to purchase life insurance, this
is usually not the case. Even if a spouse is unemployed, they're
life is worth a lot in terms of house keeping, cooking, taking
the kids to school and doing the family bills. It is expected
that an unemployed spouse contributes at least the equivalent of
a full time job. Even in this short list, you can see how the
death of even an unemployed individual could hit the household
financially, therefore everyone in the family should be covered
by life insurance. People also tend to overlook the option of
purchasing disability and long term life
insurance.
If you become disabled in the future or have to live in a
nursing home, you can not count on social security to fully
cover you, that is if you even qualify. By being covered by
these, you are insuring yourself financial ease as you reach old
age. Even if you never have to live in a care home, or become
disabled, it is much wiser to spend the extra money, even if it
is only to breath a little easier. So whether you are looking to
purchase new life insurance, or update your old plan, these are
all important options to consider which many people over look.