In today’s world, having financial security is critical if at all you want to live a stress-free life. In life, nothing is more rewarding than protecting yourself and your loved ones from unforeseen circumstances.
Buying life insurance from Pure Cover life insurance and paying a monthly premium can safeguard your loved ones from financial hardship when you die. Some amounts can be put towards funeral costs, while some are channeled towards your family’s living expenses.
What is a Life insurance policy?
Life insurance is a contract that involves the insurer and the insured (an insurance company and insurance policyholder). In this agreement, the policyholder pays a certain amount of money to an insurance company like the HH Insurance Group. In exchange, the insurer promises to pay a certain amount of money upon the demise of the insured person. Terms and conditions of the contract will also determine the events in life that may trigger payment from the life insurance cover. However, the most common events may include critical illness and temporary or permanent disability.
Benefits of buying life insurance
Death is inevitable and no matter what you do in life, you are sure that a time will come when you will leave behind your loved ones. So, investing in life insurance is the best way to protect your spouse and children from devastating financial losses that could result when you are no more. Life insurance provides financial security that will help you pay off debts, pay living expenses, and cater for any medical or burial expenses. With life insurance, you have lasting peace of mind in terms of your family’s welfare upon your death. With the right policy, you can enjoy a combination of benefits. Of course, to be eligible for the coverage you have to make a long-term commitment when it comes to paying premiums as agreed on terms and conditions. Below are some of the benefits of buying life insurance;
Provides cash when you need it most
One critical benefit of a life insurance policy is that it can provide cash when you need it the most. Your loved ones will receive your policy payout immediately in a situation where unforeseen happens to you. In most cases, you will find that the death benefits are not subject to any form of taxes. The death benefit will proceed directly to your beneficiary. That means, your beneficiaries will enjoy every penny you leave behind for them. Thanks to the federal income tax-free process.
Offer guaranteed protection
The life insurance benefit of a whole life policy acts as a financial safety net. When you die, your beneficiaries including your family, business, or others who depend on you will receive a lump-sum payment that is guaranteed to be paid in full. However, this depends on whether all premiums are paid without any outstanding loans. In other words, life insurance is essential protection. You can confidently count on it that it will be there for your loved ones when the need arises.
Income replacement
No worse thing can happen to your family than if the income you provide to them suddenly disappears. This is where whole life insurance comes in handy. Provided you pay your dues without fail, life insurance will help you make sure that your loved ones have the money they need to help pay the mortgage, afford childcare, and health care, Cover tuition or other college expenses, preserve a family business, and also eliminate household debt.
Types of life cover
Different types of policies can give you lump sum payments or a regular monthly income (if you have family income benefits). Before deciding which cover to buy, think about your reasons for buying a life insurance policy.
- Term insurance. Offers life cover during a pre-agreed period
- Group life cover. Provide life cover through your employer
- Critical illness. Covers you for specific medical conditions
- Over-50 plans. Covers funeral costs, and paying debts.
- The whole of life plans. Offers for your entire life.
Conclusion
Reasons to buy life insurance differ from one person to the next. However, the decision to buy insurance from Pure Cover life insurance is all about providing financial security for yourself and your loved ones. With life insurance, you can sleep peacefully knowing that your family will be able to pay the bills if you are no more. This kind of insurance can replace years of lost income as it is designed to help your survivors maintain their living standards even in your absence.
