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Life assurance is a type of coverage that every person should have. This coverage takes care of you in the event of your unexpected death. However, this coverage does not just take care of you, but also the bereaved family that you will leave behind. Most people don’t really see the importance of life assurance, but in reality everyone must have it, as at anytime your life could end. However, your death isn’t something that you should be afraid of, it is something that you should plan. If you leave your family, you have to be assured that they will be okay. That is what life assurance does, it assures you that no matter what happens to you, your family will always be taken cared of.
How much is the monthly premium for life assurance?
The monthly premium for life assurance all depends on your age, gender, health status, occupation, and how much coverage you wish to purchase. If you are already a senior citizen and you carry a pre-existing illness, you will still be able to get your application approved, but your monthly premium will be extremely high. If are currently working in a hazardous area, your life assurance premium will also be very high. So basically, an insurance company determines your life assurance premium from how dangerous your lifestyle is. However, it will be very difficult to get your application approved if you currently attain an illness, that is why it is crucial to get life assurance whilst you are still young and healthy.
Why do people need life assurance?
Every person needs life assurance because once you pass away, your family will need some source of funds to continue their lifestyle. Once your insurance company has determined your monthly premium, you will be establishing funds for your family once you pass away. The premium that you had paid, plus all the accrued interest will be given to your bereaved family once you pass away. The family that you will leave behind will be able to receive the entire amount of premium that you had paid plus the accrued interest. If you purchase a million dollar life assurance coverage, your family will receive that amount after you had past away. Your family will be able to use that money for your burial costs, your final expenses, and basically anything they wish to purchase.
What are the disadvantages to life assurance?
There really isn’t any disadvantages that life assurance has. However, the only drawback to life assurance is that you are obligated to pay your premium, and if you miss any payments, and you happen to pass away after the expiration of your policy, you will not receive any coverage whatsoever. Which is why, it is vital that you pay your monthly premium to avoid any cancellation of your policy. To avoid your policy cancelling, you could even pay your premium on an annual or semi-annual basis.
So if you want to your family to continue their lifestyle once you pass away, then it is for your best interest to purchase life assurance. Just make sure that once your application has gotten approved that you won’t forget to pay the premium.
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