So what is life insurance?
It is a policy or contract between the policyholder and the insurance provider. The plan consists of a policyholder, cover amount and a beneficiary. Life insurance policy can be claimed, by the recipient, from the insurance company upon the death of the policyholder. Life cover is created to take care of the family members financially when one of the income holders in the family dies. It is designed to help them keep their head above water without you and your income.
The cover amount is usually all the expenses the family has including education fees, medical bills and so much more. Then a policyholder adds an amount for the family to use for other purposes. It is essential that you make sure that your family will have money to settle bills. Otherwise, they will struggle.
Why is it important for women to have life cover?
Even today, the man of the home provides the most significant income in the household. If that income is lost due to the death of your husband, you need to have some financial protection in place. The best option is to have life insurance.
Not all women will survive financially without their spouse’s income, especially when they have children. If you put all the expenses together that a family might have, you will see that one person’s income definitely will not be enough to cover everything. So, with life insurance, you will be able to settle the most significant debt, and then you will have a chance to survive on your monthly salary.
Things that you can cover with life insurance plan is the mortgage, vehicle expenses, education fees, debt-like clothing accounts, loans, entrepreneurship, holiday, daily necessities and so much more.
Where can you get more info about life cover?
You can click here to read more about life insurance and the importance of having it!