Life is unpredictable.
As the head of the family, everyone wants a secured life for their family
members. The nightmares about your family's financial protection keep haunting
you.
You need Life Insurance because typically the need for income
continues for those who are financially dependent on you, but there is no
guarantee of your ability to earn consistently and for the rest of your life.
Life insurance can help you safeguard the financial needs of your family.
Life insurance insures your life and reduce any hardship your
family may have to bear in the unfortunate event of your death.
Here are some reasons people buy life insurance:
The death benefit may be used:
To replace income the family would need to maintain their standard
of living after the death of a wage earner.
To pay off a mortgage loan and other personal and business debts
or to create a rent fund.
To create a fund for children's education.
To pay final expenses, such as funeral costs and taxes.
To create a family emergency fund or a fund for a family member
with special needs.