Signs you need Life Insurance 2019

They say that in this world, nothing is constant. The only constant thing is change. This is why, with your ever-changing life, there will come a time when you would need life insurance. This will be for your financial security and the security of your family as well.

Top signs you would need life insurance

You are a parent

The main reason why people would need life insurance would be because they are the breadwinner of the family. In the olden days of life insurance, people would only get a life insurance package because they want to be able to provide a cash benefit to their family in case something happens to them.

Nowadays, you can get so many additional benefits with your life insurance policy. You can get a benefit that can go toward paying your child’s tuition fee.

You have had an increase in income

Another reason why people would get life insurance in the Philippines would be because they would use the cash benefit to replace their income in case of their death or disability. If there has been a significant change in your salary, especially if you have taken out a life insurance policy before, check that the cash benefit will be enough to cover the changes in your salary in case anything happens.

You have bought a new home

In 2019, more and more affordable housing schemes are coming out. This means that more families are now able to afford to buy their own homes. The rent-to-own scheme is something very popular nowadays. If you have just started paying for your own house, you need to have a life insurance policy in place to prevent your family from being evicted in case anything were to happen to you.

You have had a change in lifestyle

In connection to the salary, upgrade comes lifestyle changes. You might be spending so much lately, going on vacations and buying new gadgets for your family. Check that you have a life insurance policy that can still cover this kind of lifestyle in case of any emergency.

You can also update your existing policy if you have one. If your insurance company will not allow changes to be made to the policy you already have, it would be possible to buy a supplementary insurance policy to cover the changes.

Your family has a history of chronic illness

If you are aware that your family has a medical history of chronic diseases, while you are young, healthy and able, you need to take out a life insurance policy as soon as you can. Insurance policy premium prices would shoot up the moment you are diagnosed with a disease and would usually come cheaper for healthy people. 

These are the most common reasons why you should get a life insurance policy. We would never know when the next change in our lives would be. It is just best that we are prepared for any emergencies that might happen.

A life insurance policy is the best way to make sure you and your family are financially ready to face any of these problems. Whatever you choose to do, take all the necessary precautions to make sure that the people you love are taken care of.