Buy Term Life Insurance (249/365)

A famous quote once said that “There are only two certain things in life – death and change.” Yes, these things are sure to happen to living being on Earth but the catch is we do not know when it will happen, so a lot of us are caught unprepared when the final curtain call happens. This often leaves a serious blow on our family’s finances.

The situation gets even worse when that person who died unexpectedly was a bread winner. But any kind of death or ending – a child who has lost a parent through a horrible accident, a father who has been fired from work with a family to feed – these incidents can be pretty much mind blowing. Some people could not take the stress that it brings and they end up broke, miserable, and hopeless.

This is a fact of life but this does not mean that we cannot do something to mitigate risks. Having a life insurance plan is one answer to these uncertainties. It provides financial security for the family, the beneficiary, and the person himself in times of accidents, death, calamities, and any unexpected change.

So what types of insurance should you get?

Term life insurance provides coverage at a fixed rate of payments for a fixed period of time. This just means that for a certain period of time, as long as you are paying premiums, your insurance is covered. Therefore, if something unfortunate happens you can claim the corresponding benefits. Upon the end of the term specified you also have the option to renew the insurance or not which is signified by signing another contract for extension.

Term life insurance is the original form of what we know today as life insurance. Just like any other form of insurance, it can satisfy claims from its insurance holders given that premiums are paid and the term has not yet expired but there are no returns on the premium if no claims are made.

These days, more people are realizing the need for this insurance along with other types for maximum protection and proper estate planning. How about you? If you haven’t got one yet, then it’s high time you buy term life insurance today.

photo by: trenttsd