Life Insurance Benefits
Reader’s Question:
I always thought that life insurance is just a waste of money so I won’t bother buying it. But a friend of mine here in Oregon is urging me to purchase my own life insurance plan. What good would it do to me and how can my family benefit from it?
Carlo
Portland, OR
Life insurance is often ignored since the law does not require it and a lot of people don’t want to think about their own death. People also overlook the life insurance benefits since they dread the idea about putting a price on their own life.
But surely, if people would look closely, they would understand the life insurance benefits and what it can do for their loved ones when they pass away. Life insurance can provide you with an instant fortune for your family as they will be financially protected when you pass away. If you have a business, your own legacy will also be secured or you can use your life insurance as part of property planning.
It is suggested that you get at least 10 times of your annual salary as the face value of your life insurance policy. This may seem too much, but reflect on what might happen after your death. When the funeral expenses are paid, your loved ones would most likely need to substitute your income to survive. In case they can’t do that, they may struggle to pay for their basic needs and certainly, you don’t want this to happen. Because of that, you have to carefully plan your life insurance to leave your loved ones with something when you pass away.
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