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3 Reasons to Buy Life Insurance

Whether you’re the household’s breadwinner, or you have mature aged parents that rely on you for financial support, having Life Insurance could be the difference between your loved ones struggling to make ends meet, and your family’s financial security should you become critically ill and unable to work, or god forbid, if you died unexpectedly.

 

1. Family protection for loved ones:

 

3 Reasons To Buy Life Insurance

 

Whether you’re the household’s breadwinner, or you have mature aged parents that rely on you for financial support, having Life Insurance could be the difference between your loved ones struggling to make ends meet, and your family’s financial security should you become critically ill and unable to work, or god forbid, if you died unexpectedly.

 

1. Family protection for loved ones:

Life Insurance is designed to protect your loved ones from the financial impact of your death or illness. Costs such as school fees, mortgage repayments, rent, vehicles, retirement, as well as future college and wedding expenses would be covered. Life Insurance provides the financial security your family had before you were unable to provide for them.

 

2. Mortgage Repayment:

How would you or your family afford the repayments on your home if either you or your spouse were unable to work due to developing a critical illness or a severe disability? What if the major income to your household were to stop suddenly as a result of the death of you or your partner? Decreasing Term Life Insurance can provide peace of mind as it can be used for the purpose of mortgage payment protection since both the amount and the term of the mortgage are fixed.

 

3. Savings vehicle:

Whole life insurance contains both a protection element and a savings element. The protection element is for life and guarantees a lump sum payout in the event of death, whether premature or eventual, or terminal illness. The savings element of the Whole Life Insurance allows an accumulation of cash value over time, which builds up slowly, and can be used as an effective vehicle for retirement upon withdrawing some of that cash value later in life, if you so choose. Whole Life insurance plans grow with you and your changing needs, allowing you to increase your sum assured upon life stage events such as marriage or additions to the family.

 

To speak with a qualified Life Insurance advisor, please phone +65 6401 9201 or click here to submit an enquiry.