There are various advantages and disadvantages that life insurance has to offer. Nowadays, people are more concern to protect their life since you can find many companies that offer interesting life insurance packages. The advantages of life insurance itself solely depend on the company terms and conditions. But here, you should know the general points that it usually has. Generally, people are widely believed that when you buy life insurance policy, it means that you have bought an umbrella before it is raining. Thus, when the rain falls, you already prepared having an umbrella to protect you. Below are several advantages as well as disadvantages that life insurance has to offer.
a. What are the advantages I can get from life insurance?
The very first thing that people usually start to talk about life insurance is the advantages. Followings are the lists of advantages that you can get from it.
- Protect the heir
One of the main advantages by having life insurance product is the chance of protecting the heir. Heir is someone who has been designed to inherit or someone who inherits when that risk is coming to you. Usually the heirs are such as the wife/husband and children. Young kids and a housewife are usually those who really need his husband presence. However, you are not capable of choosing your own fate. Thus, in this case, life insurance plays a fundamental role in order to protect your heir(s).
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b. Make you stay relax
Having a life insurance indeed makes your life more relaxing. If you are someone who have a high mobility to run your activity, it means that the higher the chance of having more risks that might happen at anytime such as sudden death due to cardiac arrest that occur because of late night sleeping or tight working assignment, accident and many more. If you already have it, as long as you do not violate the rules of your life insurance provider, it automatically means that your heir is able to receive the total sum insured police as well as offer a claim. On the other hand, it means that the live of your hair will be guaranteed and better than those who do not have any life insurance.
c. Prevent from loss
Another advantage that life insurance has to offer is that you are able to prevent from loss that actually can happen in your life at anytime. This loss can also cause a death, permanent blemish or an accident. It may not indeed not be able to give you advantages, however, at least you can share the loss together. When you experience bad event such as death, the loss for example cash installment, house installment up until the funeral death. If you rely on savings only, it is easier for your saving getting more decreased and the worst case is that it is not able t cover your expense.
Those are all the 3 main advantages of life insurance that you should know.
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