Why do we need insurance?
Life is very much unpredictable. We never know until when we’ll exist, on top of that, accidents and disasters may strike anytime so it’s very much practical to prepare for anything just in case. Insurance plays a vital role in preserving what you have worked hardly for, and getting the proper insurance that would match your needs would be very beneficial should the inevitable happen. There are a lot of insurances available in the market and agents would push their way to sell, having the knowledge to identify which insurance would best work for you would be to your advantage.
The most important insurance you should get would be life, health, and property. Life insurance itself has two major categories: Term and Whole Life. Both assures your dependents would receive a certain amount corresponding to your plan upon your demise except the latter actually includes investment for retirement. Term insurance is less expensive than its counterparts so before settling on a plan, check various options with your agent and be sure to read the policy, and ask if there’s something that needs clarification.
Health insurance on the other hand focuses more to providing medical coverage when you need it the most. Purchasing long-term health care would be more advantageous than a short-term one as it would take care of you especially when you retire.
Take care of your assets by insuring them as well. Remember when you die, the government freezes your estate and taxes it before it’s finally handed over to your heirs, so insurance would give your loved ones a little breathing space during the transition.
Insurance policy pricing has a lot of factors, age is one of them. It’s much cheaper when you’re younger because of the lesser risk for the company so try to get them early while you can.