YouTube Review: Life Insurance 101 - LifeHappens
Why Your Need Life Insurance According to LifeHappens.org101
No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. Getting life insurance doesn’t have to be hard (or boring). We have some answers to common questions about life insurance so that you can make informed decisions about protecting your loved ones financially.
Why is life insurance worth it?
Life insurance is important because it’s a simple answer to a very difficult question: How will my loved ones manage financially if something were to happen to me?
There are many answers to the question of why is life insurance important. But by and large, the most important one is ensuring your family’s financial security and peace of mind.
If anyone depends on your income, they would most likely struggle if you were to pass away. That’s why life insurance is so important to have. There are different types of life insurance policies, but essentially they all pay cash to your loved ones when you die. Money from life insurance can be used to cover daily living expenses, a mortgage or rent payments, outstanding loans, college tuition and other essential expenses. Life insurance is the best way to ensure that your loved ones would be in a good financial place if you and your income were no longer in the picture.
What are the different types of life insurance?
Life insurance generally falls into two categories:
Term life insurance provides protection for a specific period of time (the term), often 10, 20 or 30 years.
Permanent life insurance provides lifelong protection, as long as you pay the premiums.
What is the average life insurance cost?
The price of life insurance is based on a number of factors, but the most important are age, health and the type of policy. In general, life insurance is cheaper the younger and healthier you are.
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