At this time, our economic status had been unstable therefore making us re-think many investments we have made in the past. We are currently struggling to maintain the lifestyle we used to have, however because of the financial crisis we are urge to give up some investments we have made in order to cater the life we currently have today. For many people, investing your money in a life insurance is only possible when you have excess money. This one common mistake that people this days have because they feel that its a liability instead of an investment. They feel that they keep paying for a life insurance which they could never use and enjoy, little that they know its actually the only thing they can pass on to their love ones in case the worst happens.
There are a lot of people that are financially unstable and many had thought that giving up their life insurance can ease and alleviate their financial needs. Some people think that life insurance isn't a need anymore and they feel that canceling their life insurance would help them lighten their financial burden. Before you make any decision that can affect your life and your love ones forever, let us look on other insights about life insurance which will help you see how important it is and foresee it's benefits for you and your future.
Here are Five Common Thoughts why Some People Give Up their Life Insurance Policies
- Ignoring The Possibility of Death- Death is a uncomfortable topic to be talked about therefore families often do not make open decisions about any preparation when death happens. Life insurance serves as protection for the beneficiaries such as the family when the death strikes. It doesn't mean that if we don't talk about death, it won't happen, it is a possibility for everybody so make sure that you are aware that death can happen in a most unexpected way and having the security of Life Insurance can help your family live a better life even after the tragedy happened.
- We Are Currently Doing Okay- We usually think that what we have right now is enough to sustain our family, however, if we think about it when the breadwinner of the family dies, the family is left to suffer to pay all expenses and debts that used to be the breadwinner's responsibility. Life insurance isn't something you can hold on to when they family is doing okay, it is something that could help when you left your family financially broke and grieving. We should not only settle to what we currently enjoy but most importantly we should be thinking what we can do to help our family when you left them with nothing. So think about what you have in stored for them. If you truly love them, you wouldn't settle only for that you have today.
- Life Insurance is Too Expensive- Most people think that life insurance is expensive, on the other hand, they were not looking at the money that returns to their family when the insurance policy matures. The money they invest is only a little percentage of the money they are covered. In order to reap good money, you should invest as well. When you pay your annual premiums, do not look at it at present but what you can get 5 to 10 years from now then you will realize that its all worth it.
- Forgetting the Long Term Benefits- Getting a life insurance isn't a commodity, its an investment. The worth of your money will be doubled or if not tripled in 5 to 10 years time. The best thing about investing in a life insurance is, the money returned to you would benefit your love ones. It could be used to send them to college or to help them start up a business. Always think of the possible benefits you can give to your family, at the end of the day, we only want the best for our love ones.
- The Payments For My Life Insurance Can Wait- Most people think that the payment for their life insurance isn't a priority especially when there are other unexpected expenses that occur. Little do they know they are risking the possibility of losing their protection when their policy lapses. We have to make sure that all payments for our life insurance is updated so that we have continuous protection at the same time our payment period wouldn't be extended. We have to make sure we know when our payment dues to avoid wasting years of investment. Life insurance should always be on your bill's priority list.
These are just some of the insight that would enlighten you to prioritize your Life insurance. Before you make a drastic mistake in giving up your policy, make sure that you are aware of all the possible benefits and advantages you have when you investment your money in a Life insurance policy.