Friday, October 31, 2008
Cover Yourself with Term Life Insurance
Should I have a term Life Insurance? This question is becoming very common in the United States of America these days. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household. The family is put to hardship. An individual can protect himself or herself against such contingencies through life insurance. Every family has its own needs and prerequisites that are to be met prior to the purchase of the policy. Among the many policies that exist, the term life insurance is the most preferred by many and is quite in demand nowadays.
People hear lot of things related to life insurance but somehow they have very little knowledge about it. Let us understand what exactly is Term Life Insurance? I believe that life insurance is a means of protection, not a means of making someone rich. It is an insurance policy that offers death protection for the insured person's whole lifetime. The most common instances where one can benefit from a term life insurance are to tackle a situation in the work sphere or to buy a home.
Owning a property is just a milestone that every couple always dreams of. Having a dream house of your own makes life complete but an accident or untimely death may ruin all your plans. With proper planning and extra care in the choice of policy you can handle all the difficulties that come your way efficiently.
What does this term life insurance actually do? Term life insurance helps in reducing the financial stress that your loved ones would feel after you were gone. With the prices of every commodity reaching the sky you sure have to worry about the future. It takes both the partners to contribute for the well being of the family, and hence you see that both the couples are working. Every home owner is always worried about his home installment and a student is concerned about the education loans. These installments need to be paid no matter what circumstances your family is facing.
My opinion is that universal life, for most people, amounts to paying for insurance you don’t need so that you have the option to limit your investment choices. At one point or the other you may need to be covered by insurance as purchasing yourself one will ensure that sense of security of your loved ones even if you were gone. Determine your needs and discuss it with your family and decide if term life insurance is the right choice for you. For first time users it is difficult to grasp the concept. Hence get prior knowledge from an insurance agent and do what is in the best interest of your family.