The short answer is: Life Insurance is for everyone, poor, middle class or rich people
A life insurance policy allows you to financially secure you and your family’s future and well-being in case anything happens to you and you are not able to provide for your dependent family members.
“Individuals, whether rich or poor, should get life insurance to financially protect themselves and their family members,” said Juan Carlos “JC” Doitteau, President at Insurance Pro.
What are the benefits of having a Life Insurance policy?
- Low income individuals may need a life insurance more than higher income individuals as their income is often just sufficient for the day-to-day expenses and not for emergency planning
- Middle income individuals have limited savings so taking up a plan and regularly paying the premium is the smart thing to do for the benefits they offer
- Those under the high-income category have a lot of savings, but unfortunate situations and market crashes do not announce their arrival
Types of policies:
Whole Life Insurance
- Permanent coverage
- Accumulate “Cash Value” fly in cash.
- You can get money in life benefits if you suffer from a chronic, critical or terminal condition.
Term Life Insurance
- Coverage for a certain time. For example at 10, 15, 20, 25 or 30 years.
- You can get money in life benefits if you suffer from a chronic, critical or terminal condition.
- Once the policy expires, it can be renewed for another term or converted to permanent Insurance.
- Does not accumulate “Cash Value”
Read also: Frequently Asked Questions on Life Insurance.
Learn about this and other fringe benefits by contacting Insurance Pro experts.
