Why do you need life insurance? This is one of the biggest questions that have been asked by many people who seem not to understand the essence of having a policy that can help in times of great need. Having insurance is one of the biggest challenges that many immigrants do not understand either due to religious beliefs or by misconception that life insurance is only for death. Some people believe that having insurance is a myth.
This is why many people lag behind and can be busy sending money to relatives abroad and doing projects while forgetting the most important thing in this world and that is ‘SELF”. The biggest question is, why do people insure homes/ Apartments, businesses and cars but they are hesitant to take care of the most important vehicle ‘the body’? The truth is that there is more than what people know about having personal life insurance.
If so then, why do you think you need life insurance? I have interacted with many people who say they have life insurance where they pay minimal premiums but the sad thing is that most people never read what is on the papers that they signed and what is covered in the policy. In most cases they are insured on terminal illness only.
The idea of people within communities coming together (Harambee) and putting their resources to assist the needy and bereaved families is only good for that time period. I recommend people to think “What is there left for the family if the breadwinner is taken away or suffers Critical injuries like stroke and can not work anymore”? It is very important to take a work insurance but remember this insurance is only applicable while working but as soon as you stop working, you have 30 days of coverage. In most cases the at work policy might be a term policy of either 10, 20, or 30 years which only lasts for the agreed period. However, it can be renewed at a higher cost. It is paramount to have another side insurance that covers you in case of job loss and the age calculation of the premiums.
This is why everyone needs peace of mind in such moments by having a good life insurance that fills the gap of income flow.
Most Americans have not yet understood this concept. The wise spend their money on buying insurance while still healthy before retiring. That is securing their future. Financial Security can be in the form of annuities and death benefits. In the western culture most parents purchase insurance for their children when they are still young which has cash value like education policies. The policies are mainly focused on the years to come. Some have accruing cash value while other policies do not. I would like you to think about the following question
Do you have the right coverage to meet your needs?
Purchasing life insurance is key to financial protection for you and your family. I remember how many people have life insurance policies where they have one common factor, to die to use. The good news is that there is a new look of life insurance that you don’t have to die to use. It is called Living Benefits. You can buy a policy that provides you with the Peace of Mind in case of any eventuality. That is why people need to buy a policy that has living benefits while they are still healthy and strong.
Do you know that life insurance can perform more than just death benefits?
When shopping for life insurance, ensure that you can maximize the value of your money by purchasing the insurance that has living benefits that protect you and care for you when you are still living. This is called living benefits which I’m going to describe for you.
Buy a policy that will offer you with Accelerated Benefits Riders (ABR) with no additional cost (Premiums). This kind of policy will allow you to access all or part of your living benefit while living if you experience qualifying illness.
A good life insurance should provide the following without extra charges:-
1. Terminal illness- This is an illness that has been diagnosed with a terminal illness that will result in death within 24 months of certification of the illness by a physician.
2. Chronic illness If you can not be able to do the Activities of Daily Living like • Bathing • Continence • Dressing • Eating • Toileting • Transferring
3. Critical illness. Critical Illness includes: • ALS (Lou Gehrig’s disease) • Aorta Graft Surgery • Aplastic Anemia • Blindness • Cancer • Cystic Fibrosis • End Stage Renal Failure • Heart Attack • Heart Valve Replacement • Major Organ Transplant • Motor Neuron Disease • Stroke • Sudden Cardiac Arrest
4. Critical injury includes • Coma • Paralysis • Severe Burns • Traumatic Brain Injury
Once you meet the eligibility to accelerated death benefit, there are no restrictions on how you can use your Accelerated Benefits Riders (ABR) proceedings. For example, you can use the money for medical expenses, additional care, home renovations, business expenses and many more.
How do I find the right insurance for me?
It is very important to make sure that you get a policy that will be based on the needs of your family and have a larger purpose that will ensure the Peace of Mind in case you experience a life change.
There are three things that you need to keep in mind while buying life insurance.
They are
Caring- do you care about your future and that of your family?
Planning. Do you have a plan for your future financially?
Protection. Protect yourself and the loved ones from the event of life.
The truth is that you can either live long, die soon or become ill.
What type of life insurance should you have?
There are three basic types of life insurance you can choose from:
Term Life- guaranteed for a lifetime as long as Premiums are paid
Whole life- remain for life as long as premiums are paid
Universal life- another type of permanent life insurance that has flexibility built into it. It has cash value and tax free loans.
With the Lifetime Income Benefit Rider you can have additional resources to help you retire comfortably.This is a tax free guaranteed benefit towards making retirement dreams become a reality.
Flexible Coverage Compared to other permanent life insurance products, universal life is perhaps the most flexible. That’s because it lets you adjust the amount of insurance you own – and the level of premiums you pay – to best suit your changing needs.
It is important to understand that FlexLife is an Indexed Universal Life product, your policy values can be credited interest based in part on Crediting Strategies tied to major market indexes, such as the S&P 500
For any related questions, conduct the author of this article to discuss the best policy that you need.
