Let say if a person saves $200 per month with an insurance company, and the insurer put $100,000 into his family's bank account.
If he dies, his family receives $100,000. On the other hand, if he chooses to put the $200 in the bank, what his family get will be the exact amount he saved per month plus some earned interest.
However, if he lives say till retirement, the insurance company refund him the deposits with interest.
So you see - one has nothing to lose by investing in life insurance. Does it make sense?
If you can see the benefit of owning a life insurance policy - don't procrastinate get it started immediately if you have not done so.
Well, many a time we hear people saying "I can't afford to commit further financial burden." It is understandable. However, you don't need to over commit yourself financially. A simple and practical way out is - just transfer a comfortable percentage of your monthly bank saving to an insurance company to put you on the program. For e.g. if you deposit $300 p.m. in the bank, now put in $200 instead and transfer one-third i.e. $100 to the insurance company. You kill two birds with one stone. Get it!
If you are undecided what life insurance meets your need, you are welcome to drop me a note and I will be happy to provide you with some appropriate advice.
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