Most may not understand the importance, or even the need for life insurance. It’s something for later, they may think.

So, what is life insurance and how will it benefit you?

In short, life insurance is used as a plan that takes care of your financial needs by protecting you and your dependents in the event of any unexpected events where you are no longer around or your income is lost and otherwise it becomes a savings plan for your long term financial goals.

How does it work?

A customer makes regular payments as premiums to an insurance company for their life insurance policy.

In exchange for these premiums, the policy can replace income or provide financial support for a customer’s dependents if the customer passes away prematurely. This helps the affected family cope with the sudden loss of income, and eases their financial burden during a difficult time. When the insured survives the period of cover, the plan can provide a maturity benefit which can be used to meet longer term financial needs like children’s education or retirement

Why do I need a Life Insurance?

A common misunderstanding is that life insurance is only necessary when a person is about to die. On the contrary, life insurance is bought when a person is doing well by health and wealth to protect themselves against loss of income and their wealth for your loved ones from life’s uncertainties like death, illness or disability.

Everyone needs a backup plan because life is always uncertain. We need to protect our income and our future dreams from risks that cannot be avoided.