The need to secure your family financially for the future after you are no longer on this side of the great terrestrial divide cannot be overemphasized because of the untold hardship that many dependents undergo when the major breadwinner is no more. There is no gainsaying the fact that although many people hate to discuss it, death is an inevitable end that one must pass through as long as one is delivered from the womb of a woman and this is the reason why the issue of life insurance should not be dismissed by the wave of the hand.
Since there is no way life itself can be lived for ever the need to put up the thinking cap about the ultimate end is one of the most important issues for anyone who truly loves his dependents and would like them to enjoy a life of succor and peace and that is how the need to secure them for the inevitable future is as important as daylight. Apparently, what comes to mind in this case is life insurance and without it, the harsh financial effect on the loved one can better be imagined than seen particularly when the spouse is out of work or a full house-wife with no visible means of income.
Another point here is that if you suddenly pass away, any debt you must have accumulated either from the bank or through private sources cannot just be written off in a jiffy and the first person your debtors will turn to is your spouse whether she is aware of it or not. It is not only that, your mortgage (if you happen to secure one from a building society or bank), your recurrent bills, car insurance or any other existing loans will be the sole responsibility of your bereaved spouse. Once you have a good life insurance policy, it will be quite possible to use the accruing benefits to settle any unpaid bills, offset the children’s school fees as well as other social responsibilities in which the departed was engaged in his life time.
It is necessary, at this point, to reflect on the existing insurance plans and the right one to choose. As far as life insurance is concerned, it has a fixed rate or premium that must be paid for a period of time and if the unexpected happen within the period of insurance coverage, your beneficiary is entitled to the payment agreed in the policy and here it is necessary to note that once the policy lapses, you no longer enjoy the coverage and the need to renew the policy cannot be overemphasized.
The premium, that is the money you pay to secure your life and benefits envisaged for your loved ones after your demise depends on your age, health situation and the type of work you are doing presently for instance someone who is opened to physical hazards like a road workman, laborer and railway workers are not expected to pay the same rate like someone who sits behind the office desk all day long. Another point here also is the younger you are when you purchase the insurance policy; the less you will have to pay.
Whichever way you look at it, you just the need to secure your family financially for the future and the right way to start is to get in touch with an insurance agent or company today and ask for their different rates and choose the one that is suitable for you.
The author is the Executive Director of Pan-African Reconciliation Centre and also a leader in the third sector of the global economy. His passion for a life turning point for the grassroots populace led him to the business world.
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