Life Insurance

Unlike many years back, life insurance is something that is more commonly accepted by people now. Many of the people is aware of the importance of life insurance nowadays. Life Insurance has become a popular way to provide financial safety for a person’s dependants should that person pass away.

Even though there are numerous people who are aware of the importance of Life Insurance, that does not mean that these people are insured at all. During my time working as insurance adviser, I was surprised to discover that not many people in Singapore are adequately insured. There are many people in Singapore that are underinsured. Still there are some minority of people who are totally not insured. Most of the people who really value the importance of life insurance are the more educated ones and also the younger generation of working personnel.

Life insurance are important for people who have dependents. This includes the sole breadwinner in a family, and also to every members in the family. If you think your life is not important to the family, then you are wrong. If you think that children and housewives do not need insurance, then you are wrong too. Nothing is free in this world. Everybody goes through birth, aged, sickness and death. There are cases where we have unexpected mishaps such as accidental death as well. Every person in the family their important role to play. The loss of a housewife in a family not only contribute to emotional loss to the children and husband, additional cost need to be incurred after the death of a housewife — to look after children and also to do housework. Death expenses need to be taken into consideration — coffin, rituals, etc. The loss of a partner is a great blow to the surviving partner and the children. The spouse may not have the energy to go to work. He or she may lose his or her job due to depression which follows. Nobody know about the future. But we can always be prepared and think of our own future, and be responsible for our love ones. If the housewife has insurance protection, upon her death, the insurance company will send them a check. This will definitely help out in the family finances.

The purpose of life insurance does not end with death only. There are various types of life insurance. Life insurance in the form of endowment is useful as a saving instrument for retirement planning. Nowadays there are more types of insurance available such as investment funds (investment-linked policies) payable using cash and even through the CPF. In addition, insurance covers the insured for disability and critical illnesses too. During diagnosis of diseases, huge sum of money are incurred for seeking medical treatment. Insurance money will come in handy in such cases.

The benefits of life insurance is definitely more than these. Apart from providing financial security in old age and during time of difficulties such as disability and critical illness, it really provide the life insured with a peace of mind. The purpose of insuring yourself and even for your love ones is because we care for each other. It is not to be mistaken as a myth and that the purpose of life insured is to wish the person to be dead faster. It is wrong to think of that. Having life insurance is like having yourself an umbrella just in case it rains. Knowing that you have your umbrella (life insurance) with you, you would not worry that it will rain(disability, accidents, death, critical illness) when you go outings. This is definite peace of mind. Having a peace of mind allows you to be yourself, feel at ease, relaxed, and enjoy life.

The life insurance monthly payment is called premium. There are methods used to calculate life insurance premium rates. To know the values, there are many insurance websites that offer free online insurance quotes. You can just play with the figures that is comfortable to your budget. These are just some Life Insurance Basics. For more insight and information on life insurance and to get online life insurance quotes, please visit SecureInsuranceQuotes.com.