Essay on Reasons to opt for Life Insurance

   People do know the importance of life insurance, but still many ignore the fact what their families and dependent ones will do if they face the reality of your death. If you have not taken any protection of life insurance, then you are going to leave your loved ones in a vulnerable situation. If you leave them without any protection, the consequences can be severe for them. The situation can even get worst if you were the sole bread earner of your family.

Are you the only one, not having any Life Insurance policy?

Keeping these facts in view, if you have not taken a life insurance policy, then you are not the only one ignoring this. Some facts and data have been revealed about life insurance, and it was told that around 43% of people don’t opt for any kind of life insurance policy.

            It is shocking to see that such a large percentage of the population is not giving due importance to life insurance, which can give them a peace of mind, if they die, leaving family members behind. One should understand that surviving dependent of your family will get huge financial support in case you die. It should be a great feeling to have that your loved ones will not have to face any financial hardships in your absence. Your children can continue their education, and your wife can bring them up without any issue if they have enough money in their possession. Here are four reasons to show, why one should opt for life insurance:

1. Protection of your Family: In the majority of cases, there will be a single person responsible for the livelihood of his/her family. In this situation, life insurance is indispensable for the protection of the family. If you are parents of young kids, and there is no other earning source, then having life insurance is a guarantee for the safe future of your kids. Your family will need this money after your death to sustain their lives as per normal.

2. Paying Different Expenses: You must understand that daily living expenses are not the only thing to worry about for your family in your absence, but they will have to have protection to pay for various other expenses. For instance, you may have a car loan or mortgage for your property, and what if you die. The life insurance will protect your family to pay other debts and expenses.

3. Having More Financial Security: Every parent would love to have a secure and bright future for their kids. You would want them in a secure financial environment, even if you die so that they can continue to chase their dreams. So, life insurance is an additional financial security layer to add more peace of mind for you and your family members.

4. Protection for your Business: If you have invested your money into a small business, and this business is the only source of earning, then opting for a life insurance policy is a must thing, because your business will have protection so that your family can continue to manage the expenses of your business without facing any difficulties.