A lot of people already know that life insurance can be used as an investment tool. However, there are still some who consider life insurance as a liability instead of considering it as an asset.
A high number of individuals still believe that investing in life insurance cover is a heavy burden. This info is especially true for those who are considered as the breadwinners for their families. However, investing in life insurance premium is very important for a number of reasons:
First, insurance can be a great help during unexpected times such as in case of critical illness. This also can be a very helpful in supporting your family in the event of the breadwinner’s death or sickness giving you assistance to finance hospital or even hospital bills. Furthermore, insurance can also help you in paying educational and mortgage payments. The only disadvantage of life insurance is the cost you need to pay for the premium.
If you weigh the pros and cons, a life insurance cover seems much more reliable than any other way of ensuring the wellbeing of the dependents and loved ones. If you have not insured yourself yet then it is high time to get yourself insured so that your demise may not prove fatal for the family. Therefore, do not ignore buying a life insurance cover as it would be the best help to the family in the event of your permanent absence.
To know the right type of life insurance to buy and more about the benefits you can get from it, you should read the full article from NY Times: http://www.nytimes.com/2016/02/20/your-money/life-insurance-buyers-guide-what-type-how-much-and-who-will-benefit.html