Life Insurance is obviously very important for people who have families. If something terrible happened to you wouldn’t you want to know that your family was taken care of?
Working and living abroad can be quite risky these days. In the current low interest rate environment, replacing your income in the case of death, serious illness or disability has become increasingly more difficult. The longer you put off getting life insurance the more you will have to pay in annually to achieve the level of pay out needed to take care of yourself and your family. The best time to start with a good Life Insurance scheme is in your late 20s and early 30s while the yearly premiums are still affordable. As a rule, conservatively, you would need a multiple of 20 times current earnings to secure the same income stream for your family. After 35 or so premiums can get very expensive. Life Insurance is really something you should consider as early as possible. Good professional advice can often save you a very healthy chunk of change. Also, these days women are just as likely to be the main money earner for the family. But how many women have good life insurance cover?
Medical science continues to improve in both the treatment and the prevention of diseases. Individuals are now more than 80% more likely to survive a major illness, disease or accident than in the past. Whilst this is comforting, the resulting financial burden or pressure to return to work often results in higher stress and more complications, or even a relapse. In order to recuperate quickly and stay healthy it is important for a person to be able to live life as normally as possible without a significant reduction in income.
Types of Life Insurance
- Whole of life
- Critical Illness
- Income protection
- Accidental death and disability
- Level term assurance