Life insurance is a very misunderstood concept. Even though it is ideal to get a life insurance plan when you are younger, it does not necessarily mean that you should no longer get a policy if you are already above thirty years of age. This is because there are several benefits and reasons that make getting life insurance at an older age worth thinking about.
If you are not financially stable, then you should take steps to become so. Becoming financially equipped and prepared involves six steps: Increasing your cash flow, managing and eliminating debt, getting health care and life insurance plans, creating an emergency fund, investing and accumulating assets, and protecting or insuring your investments and assets. If you lack any of these aspects of financial security, then you definitely should consider getting a life insurance policy. This is because life insurance is all about income protection.
Life insurance covers the financial needs of your family in case your income generating capacity is lost either through temporary or permanent disability or death. If your cash flow is not good and something happens to you, then life insurance helps cover your family and loved ones’ financial needs. Furthermore, if you have debt and you lose your income generating capacity, your family will carry the burden of paying off your debt. However, if you have insurance, at least they will have assistance in paying your debt.”Continue