With Singapore’s Ministry of Manpower reporting 41 people had suffered fatal injuries at work last year, and World Health Organization (WHO) citing South-East Asia to have regional rates of road traffic deaths higher than the global rate – it’s important to protect you and your loved ones in times of emergencies.
Acting as a contract between you and an insurance company, you will then pay a premium for an agreed duration of time in return for the benefits provided by your policy. With that said, here are 5 reasons why you should consider getting a life insurance (despite the expensive price tag).
To Protect Your Family
If you have a family that’s financially dependent on you, life insurance acts as your income replacement in the event of your demise or disability. This is crucial for those with young children or aging parents as it would help ease financial burdens.
To Clear Off Outstanding Debts
If you are not (physically) able to repay your debts, the insurance will be used to pay off such obligations. These could include mortgages, car loans and more.
To Leave a Legacy
Life insurance can be inherited by your family, ensuring that their financial future is secured.
To Prepare for Emergencies
In times of unfortunate emergencies, a life insurance offers the peace of mind knowing that you and your family’s finances are being taken care of.
To Be More Financially Secure
While most life insurance policies is for protection, some also bundle in investments. With that said, such life insurance policies not only offer you a peace of mind, but also the opportunity to have a brighter financial future.