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Importance of life insurance

Legacy Insurance > Legacy Advisor  > Importance of life insurance

Importance of life insurance

Importancia de un seguro de vida

Life insurance’s importance starts with having healthy personal finances. It’s necessary to be protected against any extreme eventuality since no one is exempt from suffering accidents, illness, or loss of a loved one. Sometimes many people wonder if hiring life insurance to protect their family is essential or not. In this blog, we’ll tell you more about the importance of hiring life insurance.

It’s highly recommended to have a life insurance policy, although not mandatory, if we have children or dependents, being us the primary source of income for our family.

Life insurance is a contract between an insurer and a user. The user agrees to submit a consecutive payment for an insured amount. If the user cannot continue working, he receives the sum amount insured for compensation in the event of an accident, death, or illness. The purpose of Life insurance is to maintain the financial tranquility of the provider of the family. That’s why it’s advisable to acquire one in case of having a mortgage loan, own business, substantial fixed expenses, debts, or demanding credits.

Life insurance can cover any inconvenience that puts the family’s financial situation at risk. Among the importance of having life insurance are the following:

  • It grants you peace of mind in the future. If you are the family’s pillar, your dependents or family members will be financially secured. They’ll have the certainty that of being supported if an unexpected crisis occurs.
  • You have coverage in case of an accident or illness that keeps you from work.
  • Coverage of unforeseen expenses.
  • Guarantee continual education of your children
  • Covers necessary expenses such as mortgage or rent, food, clothing.

In essence, life insurance protects and cares for your family; it’s imperative to emphasize that life insurance, in these times, is more of a necessity than a luxury. Insurance policies have been more accessible in recent years since there is one for every budget and needs.

It is normal to question the value of taking out life insurance. However, now that you have this knowledge, it is good to anticipate future adverse events. If you need advice or more information on the subject, get in touch with us, we will gladly answer your questions.