"You need life insurance if somebody will suffer when you die."
--David Woods
------------------------------------------------------------------------------There are people who doesn't believe in insurance. For some of them, to have one is like you are losing faith in God. How about you?
Insurance is basically your protection from significant monetary losses or financial hardship. This can be a loss of job, loss of properties or premature death.
If you are the breadwinner of the family, it's a wise decision to have your life insurance. It is your protection for your family who depends so much from you. What is their future in case something bad happens to you?
Your life insurance would be your income replacement. Its sole purpose is to sustain the life of your family for at least 5-10 years without you providing for them.
There are various types of Life Insurance available in the market. To help you choose, watch this video:
According to Lyndon Malanog, Financial Coach of Truly Rich Club, buying Term Insurance is the best choice. According to her, there are four (4) reasons for buying Term Insurance:
First Reason: It’s much cheaper than bundled insurance because you are only paying for one component which is the dying part of it both for natural and accidental cases. This type of insurance has no savings that’s why it has no “money back” component.
Second Reason: For your savings, you should be the one to oversee it in order to harness its full potential. You have to invest quality time to learn and participate in the different investment instruments.
In so doing you can take more risk and grow your investment portfolio substantially instead of receiving the guaranteed 4%-7% PA from the insurance company if you get a bundled insurance or the insurance with savings.
Third Reason: Why term insurance only? We only need insurance today because we are still on the process of accumulating our millions. I would suggest a 20-year term insurance and at the same time continuously invest on the other investment vehicles for value and capital appreciation.
After 20 years of diligently and consistently investing, your investment portfolio will now be in millions and insurance coverage is no longer a must anymore.
Fourth Reason: If your investment portfolio is now in the tune of multi-millions, but you still want to add more value to your portfolio, then secure another 20-year term pure insurance. The insurance money is so liquid and is free from taxes and can be used to pay off your estate tax within 90 days from your death to avoid any surcharges.
Have you read or heard about the "Buy Term Invest The Difference Concept?"
Philamlife offers this kind of Term Insurance. For exactly the same amount of life insurance protection, you can pay a very low premium for a term plan, compared to the very high premium you would otherwise have to pay for a typical Endowment or Whole Life Plan.
Here are some of its features:
- Mutual fund equities earn average of more than 10% compounded annually.
- Allows guaranteed renewability
Available riders:
- Accidental Death, Dismemberment & Disablement (ADDD)
- Terminal Illness Benefit (TIB)
- Critical Illness Benefit (CIB) optional
For free life insurance quotes, email me at info@nilosimogan.com
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