Life insurance is important whether one is single, married and even a widow; have kids or not. Even people who have relatives that depend on them for support can benefit from life insurance. If you have family or a person that depends on you – then insurance is an option. This is one of the important things in getting insurance.
What is life insurance?
A life insurance is a channel, in a way, that provides money or “benefit” to the policy owner and his or her beneficiaries at the time of the former’s death. It is a contract between the insurer and policy owner wherein the insurer agrees to pay a specific amount of money to beneficiaries if and when the insured dies. These are ‘premiums’ which are included in the contract, paid by the policy owner. There are several requirements when getting an insurance but these are just to ensure that the supposed policy owner gets the right insurance.
Why is it important?
Protection during difficult times.
Yes, insurance can do this for policy owners. Since families depend mostly on the policy owner for support, it would be hard for them in times of financial difficulties especially at trying times. So say for example someone met with an accident; medical expenses could pile up. But with Personal Accident Insurance Online such unwanted expenses will be supported.
Pay off debts.
Debts don’t go away even if the policy owner dies. Eventually, debts will be shouldered by the family or the beneficiaries. Insurances have benefits that will let beneficiaries pay off certain debts such as credit card or business debts. In a way, when the policy owner passes away, at least the beneficiaries or family is protected again from unwanted expenses.
Replace lost income.
For all the expenses that incurred, income lost is palpable. Expenses are not something anyone would want and losing more is not a good sight either. Insurance can help with this, again, to protect beneficiaries at the loss of income. To recover for some expenses, the insurance policy can help provide funding to pay off those debts and recover the income.
On most days, you’d think that you don’t need insurance or you don’t have time to consider one or you think that it’s expensive; however, these are all myths. These are things that need to be answered by a legit specialist. One Critical Illness Insurance Malaysia can provide you the right answers for your illness insurance.