Many couples and families have life insurance policies tied to their mortgage so that should they die, the mortgage will be paid off and the person left behind will not have to worry about making the mortgage payments.
Those who are retired with grown up children and no mortgage to worry about often think that there is absolutely no need for life insurance. However, life insurance can be a good way of leaving some inheritance to grandchildren, as policies can be set up to pay out equally to all grandchildren, even those that are yet to be born!
And it is not just older people that often think life insurance is unnecessary; people who are young and healthy, living for the moment often wonder if there is any point in wasting money on life insurance. But it is exactly these people that should be thinking about life insurance because when you are fit and healthy, it is actually the best time to arrange a policy. Those who wait until they are actually ill either have to pay a very high premium, or, are refused altogether.
Life insurance is a morbid subject, but it does provide some peace of mind. Most policies include critical illness so that if the insured person were to develop a terminal illness, the insurance company will pay out a lump sum, helping the policy holder and their dependents cope with the costs involved in any treatment needed, and getting affairs in order. Others use the cash to fulfill any last minute dreams they want accomplish.
It is horrible to have to think about life insurance, but it is wise to have it in place so that those left behind are not burdened with financial worries as well as emotional ones, should the worst happen.
Those who are retired with grown up children and no mortgage to worry about often think that there is absolutely no need for life insurance. However, life insurance can be a good way of leaving some inheritance to grandchildren, as policies can be set up to pay out equally to all grandchildren, even those that are yet to be born!
And it is not just older people that often think life insurance is unnecessary; people who are young and healthy, living for the moment often wonder if there is any point in wasting money on life insurance. But it is exactly these people that should be thinking about life insurance because when you are fit and healthy, it is actually the best time to arrange a policy. Those who wait until they are actually ill either have to pay a very high premium, or, are refused altogether.
Life insurance is a morbid subject, but it does provide some peace of mind. Most policies include critical illness so that if the insured person were to develop a terminal illness, the insurance company will pay out a lump sum, helping the policy holder and their dependents cope with the costs involved in any treatment needed, and getting affairs in order. Others use the cash to fulfill any last minute dreams they want accomplish.
It is horrible to have to think about life insurance, but it is wise to have it in place so that those left behind are not burdened with financial worries as well as emotional ones, should the worst happen.
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