Life Insurance: Who Needs It?

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If you have dependents or beneficiaries that will suffer financially when you can no longer provide for them, then you need life insurance, because it will cater for your family’s financial needs even after you can’t.

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These scenarios will paint a clear picture of when life insurance could come in handy:

When You’re Single

When you’re single, there’s a high possibility that you think you don’t need life insurance because you have no dependents. However, sometimes situations arise where you have to step up and financially provide for those close to you.

Take the example of single people who take care of relatives with special needs, ageing parents, their orphaned nieces or nephews, etc. Life insurance can be very beneficial in such situations, especially because taking care of other people can come with a heavy financial burden.

Our advice is that even though you’re single, it is best to take advantage of your young age and good health and get life insurance early. This will allow you more time to be financially prepared for such unforeseen circumstances.

When You’re Married

Same as single people, you’ll be surprised by how many married people think they don’t need life insurance until they have dependents, in this case children. Most of these people haven’t considered the fact that life happens, and their lives could change in the spar of a moment.

For example, what if you’re in a marriage where there’s a sole breadwinner and the breadwinner becomes incapable of continuing to provide; for instance, in case of disability.

Also, what if you as a sole breadwinner lost your life suddenly? What then? Who would take care of your spouse before they get back on their feet? If the two of you had only been surviving on a single income, then it would become very difficult, if not impossible, to cover expenses like monthly rent, electricity and water bills, car expenses and existing loans.

On the other hand, consider the fact that as a married couple, you’re planning to have children soon. Wouldn’t you rather start preparing early for your children’s future? Allow the insurance policy more time to accumulate?

When You’re a Single Parent

We all know of many cases where single parents take up full financial responsibility for their children with no one to chip in and assist them. Single parents play the roles of homemakers, providers, etc. Yet you’ll find that even among single parents, life insurance is not as common as one would expect.

Our advice is that, as a single parent, consider all the financial effort you put into your children’s life. Now consider how unpredictable life is. If no one is helping you to provide for your children now, will they help when you’re no longer able to do so? Don’t let your children suffer when you can’t provide for them anymore, safeguard their future with life insurance as early as possible.

When You’re Married with Children

In the current economy, you’ll find that in most families both the father and mother work in order to make ends meet. This is especially so in the mid-and low-income households. This is because life is so expensive, in that only one person cannot manage to take up all the expenses that come with raising a family.

That being said, imagine if something happened to you as one of the parents and you’d no longer be able to meet the part of your financial obligations in your family? Would your spouse be able to meet your financial obligations too?

For example, if your obligations are to finance school fees, rent or daily expenses, God forbid something happens to you, your spouse would need to take up that burden too. Wouldn’t you rather relieve them of that burden by taking care of it ahead of time? Wouldn’t you rather your family continued with the standard of living they’re used to instead of having to adjust because of a financial burden? Then plan for their future with life insurance.

Now that we’ve given you these different scenarios, what next? Find out more about life insurance at http://www.madison.co.ke/life-assurance/level-term-policy.html.

 

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